Square CEO Jack Dorsey says he wants to build bitcoin mining system – .

Square CEO Jack Dorsey says he wants to build bitcoin mining system – .

Twitter, also explained its thinking about why Square is looking to enter an already crowded area.
“Mining needs to be more distributed,” Dorsey wrote in a tweet. “The more decentralized it is, the more resilient the bitcoin network becomes. “

Dorsey said in August that he was personally embarking on the bitcoin strike, with the help of bitcoin mining service provider Compass. In his tweets on Friday evening, the CEO of Square pleaded for this kind of equal access to the mining world.

“Mining is not accessible to everyone,” Dorsey wrote. “Mining bitcoin should be as easy as plugging a platform into a power source. There are not enough incentives today for individuals to overcome the complexity of managing a minor for themselves. “

Square’s CEO then shared his thoughts on the need to focus more on vertical integration, as well as silicon design, which he said is too concentrated among a few companies.

The boss of Square has also embarked on the energy debate surrounding bitcoin’s carbon footprint.

“Driving towards clean and efficient energy use is great for the economy, impact and scalability of bitcoin. Energy is a system level problem that requires innovation in silicon, software and integration. What are the biggest opportunities here? Dorsey continued.

Square’s announcement comes as the United States eclipses China for the first time as the world’s top destination for bitcoin miners. The United States is also rich in renewable energy sources.

Washington State is the Mecca of hydroelectric mining farms. New York produces more hydroelectric power than any other state east of the Rocky Mountains and counts its nuclear plants toward its 100% carbon-free electricity target. Meanwhile, Texas’ share of renewables is increasing over time, with 20% of its electricity coming from wind in 2019. The Texas grid also continues to rapidly add more wind and solar power.

Texas also has a deregulated power grid with real-time spot pricing that allows customers to choose between electricity providers, and most importantly, its political leaders are pro-crypto. These are dream conditions for minors who want a warm welcome and cheap sources of energy.

“If you are looking to move hundreds of millions of dollars of miners out of China, you want to make sure you have geographic, political and jurisdictional stability. You also want to make sure that there are private property rights protections for the assets that you move, ”said Darin Feinstein, co-founder of Core Scientific.


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