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Square to Consider Building a Bitcoin Mining System
CEO Jack Dorsey said if the payments service provider begins the initiative, it would follow the open-source model it is using to build a hardware wallet.
Payments service provider Square is looking to develop a bitcoin mining system, the company’s CEO Jack Dorsey tweeted on Friday.
- “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey wrote.
- In his threaded tweets, Dorsey wrote that mining needs to be more distributed and energy-efficient, and that silicon design is too concentrated into just a few companies, leading to reduced supply.
- He also said that mining should be more accessible to everyone, and he was soliciting thoughts on whether Square should pursue the project or not, and why or why not.
- Dorsey wrote that if the payments service provider begins the initiative, it would follow the open-source model it is using to build a hardware wallet.
- Square hardware lead Jesse Dorogusker will “start the deep technical investigation required to take on this project,” Dorsey wrote.
- Dorogusker is also leading the wallet project, tweeting in July that he was assembling a team to focus on that initiative.
- Dorsey has been an enthusiastic supporter of bitcoin, believing that the cryptocurrency has great potential. In August, he tweeted that TBD, Square’s new division focused on creating an open developer platform, is planning to build a decentralized bitcoin exchange.
STORY CONTINUES BELOW
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.
— jack (@jack) October 15, 2021
UPDATE (Oct. 15, 21:34 UTC): Updated with additional detail on Dorsey’s tweets.
James Rubin
James Rubin was CoinDesk's Co-Managing Editor, Markets team based on the West Coast. He has written and edited for the Milken Institute, TheStreet.com and the Economist Intelligence Unit, among other organizations. He is also the co-author of the Urban Cyclist's Survival Guide. He owns a small amount of bitcoin.
