Jack Dorsey’s Square is ”considering“ building a crypto mining system

Dorsey believes mining needs to become more “distributed” and “decentralised”

Square CEO Jack Dorsey                                 
Square CEO Jack Dorsey – Photo: Shutterstock

Jack Dorsey, CEO of commerce ecosystem company Square, has said that the company is “considering building a bitcoin mining system”.

Dorsey tweeted about this personally on 15 October and said the system would be “based on custom silicon and open source for individuals and businesses worldwide”.

Dorsey went on to say in his thread that if it were to do this, Square would “follow our hardware wallet model: build in the open in collaboration with the community”.

Mining improvements

The CEO of Square also believes that bitcoin mining needs to become more “distributed” and “decentralised”. Dorsey said: “The core job of a miner is to securely settle transactions without the need for trusted third parties. This is critical well after the last bitcoin is mined.”

In addition, Dorsey feels that mining needs to become more efficient and use cleaner energy, as this would be “great for bitcoin’s economics, impact, and scalability”.

Dorsey also wants to make bitcoin mining more “accessible”, saying the process should be “as easy as plugging a rig into a power source”. He believes that “there isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves”.

Jesse Dorogusker, hardware lead at Square, will start “the deep technical investigation required to take on this project”. Dorsey ended his tweets by saying and “now over to Jesse”.   

Dorogusker replied to Dorsey’s tweets and said: “We will incubate the bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures.”

Dorsey tried his hand at crypto mining

Back In August, Dorsey announced he was attempting to mine cryptos himself.

Dorsey tweeted on 17 August that he was trying out mining with Compass Mining, which hosts, supplies and operates cryptocurrency mining rigs. The company’s slogan is “now everyone can mine bitcoin” and its aim is to help “people learn, explore and mine bitcoin”.

According to Compass Mining, a miner can earn around $33 in profit a day, and you can buy mining hardware from the company from $8,200.

Further reading: Jack Dorsey’s first tweet is the most popular NFT on Google

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image