Square is considering building a ‘Bitcoin Mining System Based on Custom Silicon’ – Jack Dorsey
On the same day that the CFTC penalized Tether Limited and Bitfinex, and papers implying that the US Securities and Exchange Commission (SEC) authorized the Proshares Trust bitcoin futures ETF, Twitter CEO Jack Dorsey hinted that Square may enter the bitcoin mining business. Dorsey has been a long-time supporter of bitcoin, and he recently revealed that Square is working on a bitcoin hardware wallet to “make bitcoin custody more popular.”
Bitcoin Mining System Based on Custom Silicon
Dorsey has recently stated that bitcoin will play an important role in Twitter’s future. He provided a link to the economist Murray Rothbard’s book “Anatomy of the State,” and Twitter just added a bitcoin tipping function. Now, Dorsey and Square are exploring entering the bitcoin mining sector, with the goal of taking a unique approach to the ecosystem.
“Square is contemplating developing a bitcoin mining infrastructure for consumers and companies across the world based on bespoke silicon and open source,” Dorsey stated on Friday. “If we do this, we’ll create it in the open, in conjunction with the community, as we did with our hardware wallet.”
Mining, according to Dorsey, should be “more dispersed,” and the “more decentralized this is, the more resilient the Bitcoin network becomes.” Simultaneously, the Square founder stated that the mining sector must advance toward “clean and efficient energy usage,” which involves “innovation in silicon, software, and integration,” according to Dorsey.
Jesse Dorogusker is planning to research what’s required to take on this project,’ according to Jack Dorsey
“Silicon design is concentrated too much in a few firms,” Dorsey added. “This indicates that supply is likely to be overstretched. Silicon development is costly, needs long-term commitment, and is best done in tandem with software and system architecture,” he noted. In addition, Dorsey stated:
“Vertical integration isn’t given enough attention. Taking into consideration hardware, software, productization, and distribution necessitate accountability for delivering to an end consumer rather than focusing on developing a single technology.”
He went on to say that he feels mining is not for everyone and that anybody should be able to plug in a rig and mine. But, as Dorsey pointed out, there is a lot of complexity and entry obstacles, so he asked his Twitter followers: “What are the greatest challenges for individuals operating miners?” Jesse Dorogusker “will start the extensive technical study necessary to take on this project,” he added near the end of his thread.