Jack Dorsey Says Square Plans To Build “Custom Silicon Based Bitcoin Mining System” – Mining Bitcoin News – .

Jack Dorsey Says Square Plans To Build “Custom Silicon Based Bitcoin Mining System” – Mining Bitcoin News – .

Following the latest report from the University of Cambridge which shows that a large percentage of the Bitcoin network hashrate resides in the United States, Twitter and Square CEO Jack Dorsey announced that Square is planning to build a ‘system of custom silicon based bitcoin mining. ”

Square plans to build a mining system

On the same day, the CFTC fined Tether Limited and Bitfinex, along with documents that give the impression that the US Securities and Exchange Commission (SEC) approved the Proshares Trust bitcoin futures ETF, Twitter CEO Jack Dorsey said Square may be getting into bitcoin mining. industry. Dorsey has been a bitcoin supporter for years and he recently explained that Square is building a bitcoin hardware wallet in order to “make bitcoin custody more common.”

Lately, Dorsey has also said bitcoin will be a big part of Twitter’s future. He shared a URL link to a book titled “Anatomy of the State” by economist Murray Rothbard, and Twitter recently launched a bitcoin tipping feature. Dorsey and Square are now considering joining the bitcoin mining industry and aim to approach the ecosystem in a different way.

“Square plans to build a custom, open source silicon-based bitcoin mining system for individuals and businesses around the world,” Dorsey said on Friday. “If we do this, we will follow our hardware portfolio model: building in the open in collaboration with the community. “

Dorsey believes mining needs to be “more distributed” and that the more “it is decentralized, the more resilient the Bitcoin network becomes.” At the same time, the founder of Square said that the mining industry must move towards “clean and efficient energy use” and for Dorsey, this requires “innovation in silicon, software and integration” .

Dorsey discusses silicon design, says Jesse Dorogusker plans to research what is “needed to undertake this project”

“The silicon design is too concentrated in a few companies,” Dorsey added. “This means the supply is probably too limited. The development of silicon is very expensive, requires a long term investment and is best associated with the design of software and systems, ”he added. Dorsey also said:

There is not enough emphasis on vertical integration. Considering hardware, software, production and distribution requires the responsibility of delivering to an end customer rather than improving a single technology in the chain.

He added that he believes mining is not accessible to everyone and everyone should be able to plug in a rig and mine. But there’s a lot of complexity and barriers to entry, Dorsey pointed out, and he asked his Twitter followers, “What are the biggest barriers for people running minors? Towards the end of his thread he said that Jesse Dorogusker “Will begin the in-depth technical investigation required to complete this project”.

What do you think of Twitter CEO Jack Dorsey saying Square is considering joining the bitcoin mining industry? Let us know what you think of this topic in the comments section below.

Tags in this story

Bitcoin (BTC), Bitcoin mining, Bitcoin mining solutions, Bitcoin mining system, Bitcoin software, bitcoin tipping feature, BTC Mining, BTC Mining Rigs, custom silicon, Dorsey, Hardware wallet, Jack Dorsey, Jesse Dorogusker, Silicon, Silicon development, Square , fondateur de Square, pourboire, PDG de Twitter

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