Square Inc. and Twitter CEO Jack Dorsey said that Square is considering a new bitcoin mining system exclusively for the platform. The statement was first published on Twitter which caused the prices of Bitcoin to spike above $60,000.
According to the Twitter thread posted last October 16, Dorsey said the mining system would be ‘based on custom silicon and open source for individuals and businesses worldwide’. The project would also be a big jump compared to the typical payment plans and services offered by Square.
The thread continued with Dorsey stating the different reasons why the project is being considered. One of the primary reasons is directed towards more sustainable use of energy.
‘Mining needs to be more efficient. Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact and scalability. Energy is a system-level problem that requires innovation in silicon, software and integration’, Dorsey tweeted.
At the end of Dorsey’s thread, he mentioned that the project is in its infancy and that Square Executive and Hardware Lead Jesse Dorogusker will be spearheading the project.
Dorogusker also took to his Twitter account to talk about his plans, saying that the process is not as easy as it seems and will hopefully be of service to people all over the world once completed.
‘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’, Dorogusker shared.
Moreover, Dorsey opened the discussion on Twitter for investors and crypto enthusiasts to participate. He asked for questions and the initial thoughts of the public to see where people stand.
Square Inc. is a financial services company based in San Francisco, California. The company works in e-commerce and digital payments for all sorts of platforms. Its CEO, Jack Dorsey, has long been a supporter of cryptocurrency and is possibly taking the next step with a new Bitcoin mining system. However, there are currently no specific plans as to how and when the project will be completed.
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