Square CEO Jack Dorsey tweeted that the agency is contemplating building Bitcoin mining rigs. The agency is already constructing a Bitcoin hardware wallet, in addition to a decentralized exchange.
Jack Dorsey is all in on Bitcoin, and the leading cryptocurrency has more and more turn into a focus in the Square and Twitter CEO’s worldview. Right now, he unveiled the most recent potential piece of his plans, tweeting that Square is exploring whether or not to construct Bitcoin mining {hardware}.
“Sq. is contemplating constructing a Bitcoin mining system based mostly on custom silicon and open supply for people and companies worldwide,” he tweeted. “If we do this, we’d comply with our hardware wallet model: build within the open in collaboration with the community.”
Dorsey laid out the reasoning in a tweet thread, noting the fact that elevated distribution of cryptocurrency mining nodes helps secure a decentralized network.
He also wrote about the want for more energy-efficient mining, referencing one of the biggest mainstream dialogue factors around Bitcoin and crypto. It’s one that helped set off the crypto market’s summer slump after electrical automotive maker Tesla protested the energy-intensive mining process.
“Driving towards clear and efficient energy use is nice for Bitcoin’s economics, impact, and scalability,” Dorsey tweeted. “Energy is a system-level problem that requires innovation in silicon, software program, and integration.”
Present custom-built Bitcoin mining rigs are sometimes very costly, take months to supply, and require a major quantity of vitality to function. Dorsey believes that the design of silicon chips is “too concentrated into a few firms,” and that improved processes—including vertical integration with software and system design—can produce a better mining rig.
“Mining isn’t accessible to everyone,” he wrote. “Bitcoin mining should be as easy as plugging a rig into an influence source. There isn’t enough incentive today for people to beat the complexity of operating a miner for themselves.”
Jesse Dorogusker, who leads hardware efforts at Square, heads up the firm’s TIDAL streaming music service, and is a former Apple engineer, will lead the crew starting the “deep technical investigation required to tackle this project,” Dorsey tweeted.
Today’s announcement is the latest of many Bitcoin-related initiatives for the monetary services agency. Square’s Cash App mobile application is already a preferred way to buy Bitcoin, and the movie introduced in July that it plans to construct a Bitcoin hardware wallet. In August, Square revealed plans to create a new type of decentralized exchange targeted on Bitcoin, as well.
Dorsey himself is a noted Bitcoin maximalist who has stated in recent months that he hopes Bitcoin can bring about “world peace,” and in addition stated he “would leave” his dual CEO roles to work on Bitcoin if it “needed more assist than Square or Twitter.
Source: Decrypt
