Square is going to build an open-source Bitcoin mining system
Jack Dorsey’s square is going to create a system that will enhance Bitcoin mining accessibility and help decentralize the BTC network more.
The CEO and Chairman of Square, Jack Dorsey, said that they wish to build a single system to decentralize Bitcoin more and to improve its mining accessibility. To create an open-source Bitcoin mining system, the American financial service provider Square will carry out research about the technical tools required, says Mr. CEO.
In this regard, he posted a thread on his Twitter account shedding light on his decision to help decentralize BTC mining more in a collaborative fashion:
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.”
Source: Jack Dorsey's Twitter account
According to Dorsey, decentralizing the BTC network further is vital for transaction settlement security until the last Bitcoin is mined. They also wish to provide solutions for energy-efficient mining, which is going to happen by changing and modifying the silicon, software, and integration.
Square’s hardware lead, Jesse Dorogusker, will be in charge of this task. Jesse was the one who assisted in launching Square's hardware wallet and custody service.
The mining system will follow the footsteps of a previous approach which was also collaborative and used in the creation of the company’s "assisted custody" BTC hardware wallet, says Mr. Dorsey.
The project is not without problems and they need to tackle them. Silicon shortage and vertical integration are two of the problems. The Twitter and Square CEO went on and announced that the would-be system will improve the accessibility of Bitcoin mining:
"Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves."
Mr. Dorsey is a huge fan of Bitcoin and the Bitcoin community and has taken serious steps to support his cause. Among these is the cryptocurrency-based tipping service they launched on Twitter lately.
This Twitter tipping app enables social media platform users to link Cash App, Venmo, and such third-party apps to receive funds from other users of the platform. Esther Crawford, Twitter staff product manager, explains:
"Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible-help us get there."
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