Square is considering building a Bitcoin mining system
Dorsey tweeted that he wants to take a collaborative approach in further decentralizing Bitcoin mining. Square will build the mining system using a similar collaborative approach that was used to develop the BTC hardware wallet service. Dorsey stated, "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. Dorsey believes that further decentralization of the Bitcoin network will be critical to enable secure transactions "well after the last bitcoin is mined."In addition, Square's system aims to provide energy-efficient mining solutions through innovations in silicon, software, and integration. The announcement also cited issues related to silicon scarcity and vertical integration that the project must overcome to succeed. Dorsey also shared that his intention is to make Bitcoin mining more accessible. He explained, "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."
Jack Dorsey is known for supporting the Bitcoin community
Jack Dorsey supports the Bitcoin community through various business initiatives. The most recent is the launch of a cryptocurrency-based tipping service on Twitter, but with Square, Dorsey is also working on a new project called "TBD" that focuses on creating a decentralized exchange built on Bitcoin. Next to that, he also announced to create a Bitcoin hardware wallet. The initiative of the Bitcoin mining system will be led by Jesse Dorogusker who is also the lead of Square's hardware wallet service.The launch of Twitter's crypto-tipping service was a more subtle way for Dorsey to support Bitcoin. It allows users of the social media platform to link third-party apps like Cash App and Venmo to receive money from other platform members. But also allows users to donate to other accounts with Bitcoin using the Lightning network.
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