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Jack Dorsey says Square is looking at building a ‘custom silicon-based bitcoin mining system’ – mining bitcoin news

Following the latest report from Cambridge University that a large percentage of the bitcoin network’s hashrate resides in the United States, Twitter and Square CEO Jack Dorsey have announced that Square is considering building a “custom silicon-based bitcoin mining system”. Is. “

Square Considers Building a Mining System

On the same day the CFTC fined Tether Limited and Bitfinex, and in filings that give the impression that the US Securities and Exchange Commission (SEC) approved the Proshares Trust bitcoin futures ETF, Twitter CEO Jack Dorsey said Square could potentially mine bitcoin. Jumping into the industry. Dorsey has been a proponent of bitcoin for years, and he recently explained that Square is in the midst of creating a bitcoin hardware wallet “to make bitcoin custody more mainstream.”

Dorsey has also said in recent days that bitcoin will be a big part of Twitter’s future. He shared a URL link to a book titled “Anatomy of the State” by economist Murray Rothbard, and Twitter recently launched a bitcoin tipping feature. Now Dorsey and Square are looking at getting involved in the bitcoin mining industry and aim to approach the ecosystem in a different way.

“Square is looking to build a custom silicon-based bitcoin mining system and make it open source for individuals and businesses around the world,” Dorsey said on Friday. “If we do that, we will follow our hardware wallet model: build in the open, in collaboration with the community.”

Dorsey believes that mining needs to be “more distributed” and “the more decentralized it is, the more resilient the bitcoin network will be.” Meanwhile, the Square founder said that the mining industry needs to move towards “clean and efficient energy use” and for Dorsey, this requires “innovation in silicon, software and integration.”

Dorsey discusses the silicon design and says Jesse Doroguskar plans to research ‘what is needed to take on this project’

“Silicon design is very concentrated in a few companies,” Dorsey further remarked. “This means that supplies are likely to be highly constrained. Silicon development is very expensive, requires long-term investment, and is best coupled with software and systems design,” he said. Dorsey also said:

There isn’t enough focus on vertical integration. Taking into account hardware, software, production, and delivery to the end customer requires accountability versus improving a single technology in the chain.

He said he believes mining is not accessible to everyone, and that everyone should be able to plug in a rig and mine. But there are a lot of complexities and barriers to entry, Dorsey highlighted, and he asked his Twitter followers: “What are the biggest barriers to people running miners?” At the end of his thread he said that Jesse Doroguskar “Will begin the in-depth technical investigation needed to take on this project.”

What do you think about Twitter CEO Jack Dorsey considering Square is considering getting involved in the bitcoin mining industry? Let us know what you think about this topic in the comment section below.

Tags in this story

bitcoin (btc), bitcoin mining, bitcoin mining solutions, bitcoin mining system, bitcoin software, bitcoin tipping feature, btc mining, btc mining rigs, custom silicon, dorsey, hardware wallet, jack dorsey, jessie doroguskar, silicon, silicon development, square , Square Founder, Tipping, Twitter CEO

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