Not content with building a hardware wallet and decentralized exchange, Square can also get into Bitcoin (BTC) mining world.
Bitcoin mining platforms
Jack Dorsey, CEO of Square, Tweeted that the company is considering building Bitcoin mining platforms. Cryptocurrencies have increasingly become a central point in the Square CEO’s worldview. Today, he revealed the latest potential of his plans, tweeting that Square is looking into building Bitcoin mining hardware.
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses around the world. If we do this, we would follow our hardware wallet model. Building in the open air in collaboration with the community.”
Dorsey explained in a tweet thread, noting that greater distribution of cryptocurrency mining nodes helps secure a decentralized network.
He also wrote about the need for more energy efficient mining. In doing so, he referred to one of the biggest mainstream discussion points around Bitcoin and crypto. It’s one that contributed to the crypto market’s summer slump after electric car maker Tesla protested the energy-intensive mining process. Dorsey tweeted the following:
“The pursuit of clean and efficient energy use is great for Bitcoin’s economy, impact and scalability. System-level energy problem requiring innovation in silicon, software and integration.”
Expensive and not accessible to everyone
Current Bitcoin mininig installations are often very expensive. In addition, they take months to find and they require a significant amount of energy to operate. Dorsey believes that silicon chip design is “too concentrated in a few companies. He also believes that improved processes, including vertical integration with software and system design, can lead to a better mining setup.
“Mining is not accessible to everyone. Bitcoin mining should be as simple as connecting a rig to a power source. There is not enough incentive these days for individuals to overcome the complexities of running a miner for themselves.”
Jesse Dorogusker, who leads the hardware effort at Square, heads the company’s TIDAL streaming music service, and is a former Apple engineer, will lead the team. The team will begin the technical research needed to take on this project.
Dorsey himself is a well-known Bitcoin maximalist who has said in recent months that he hopes Bitcoin can bring about “world peace”. He also said he would leave his dual CEO roles to work on Bitcoin if it needs more help than Square or Twitter.