Square can start building BTC mining rigs, as announced by the company’s CEO Jack Dorsey, as he’s not content with building a hardware wallet and a decentralized exchange. Read more in our latest bitcoin news.
Jack Dorsey tweeted that the company is considering building a bitcoin mining rig because the company has built a wallet as well as a decentralized exchange. Dorsey is entirely focused on Bitcoin, and the leading cryptocurrency is increasingly becoming the mainstay of Square and Twitter’s worldview. Today he announced that Square could begin building a BTC mining rig. He says:
“Square is considering building a custom and open source silicon-based bitcoin mining system for individuals and businesses around the world. If we do this, we’ll be following our hardware wallet model: building outdoors with community collaboration. “
Square is considering building a custom and open source silicon-based bitcoin mining system for individuals and businesses around the world. If we do this, we’ll be following our hardware wallet model: building outdoors with community collaboration. First, a few thoughts and questions.
– jack⚡️ (@jack) October 15, 2021
Dorsey justified the tweet with the fact that increasing the prevalence of crypto mining nodes helps secure the decentralized network. He also wrote about the need for energy efficient mining and addressed one of the key discussion points around cryptocurrencies and BTC. That helped spark the summer slump in the crypto market and Tesla’s outcry against energy-intensive mining. Dorsey tweeted:
“The transition to clean and efficient energy is great for the economy, impact and scalability of Bitcoin. Energy is a system-level problem that requires innovations in silicon, software, and integration. “
Today’s bitcoin mining rigs are often expensive, take months to procure, and require a huge amount of energy to operate. Dorsey argues that silicon chip design is too focused on a few companies to improve systems and processes like vertical integration and software design and create a better mining rig. Not everyone can mine and say:
“Bitcoin mining would be as simple as plugging a rig into a power source. Today there are insufficient incentives for individuals to tackle the complexities of running a miner on their own. “
Jesse Dorogusker, Square’s hardware director, who runs the company’s TIDAL music streaming service and also worked as an engineer for Apple, will lead the team’s technical investigations. Today’s announcement is the latest of most BTC-related initiatives for the company, and Square’s Cash app is already a great way to buy BTC, and the company announced that it is building a BTC hardware wallet plans. Square also revealed the creation of a new decentralized exchange focused on BTC.
Dorsey is a well-known BTC maximist who for the past few months has said he hopes BTC can bring “world peace” and said he won’t leave the CEO role to work on BTC if there is more help than Twitter or Square needs.
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