Home News Jack Dorsey: Square is considering building a Bitcoin mining system

Jack Dorsey: Square is considering building a Bitcoin mining system


The CEO and co-founder of Twitter Jack Dorsey said that the payment giant Square is considering the possibility of creating a device for mining Bitcoin (BTC).

According to Dorsey, mining should become more decentralized in order to increase the stability of the first cryptocurrency network.

He also called for efficient use of energy and noted that the limited supply of silicon is concentrated in several companies.

The lack of attention to vertical integration

In addition, Dorsey noted the lack of attention to vertical integration. He believes that mining should become simple and accessible to everyone. For this reason, the founder of Square thought about removing barriers for miners.

Square’s head of hardware product development, Jesse Dorogusker will lead the initiative. Dorsey also encouraged subscribers to share thoughts, ideas, problems and suggestions for cooperation.

He has recently stated that Bitcoin will play an important role in Twitter’s future. Moreover, Twitter recently added a Bitcoin tipping option. Now, Dorsey and Square are exploring entering the Bitcoin mining industry, with the goal of taking a unique approach to the ecosystem.

Square’s TBD platform and Bitcoin wallet

Recall that in August Dorsey spoke about working on an open TBD platform to create a decentralized exchange based on his payment company Square. Mike Brock, the manager of the Cash App payment application headed by Square and the head of TBD, revealed additional details in a tweet thread.

“We believe Bitcoin will be the native currency of the internet. While there are many projects to help make the internet more decentralized; our focus is solely on a sound global monetary system for all. But including all requires a few pieces we think are missing,” he said.

In July, the payment company confirmed plans to develop a hardware Bitcoin wallet. Answering questions on Twitter, Dorsey stressed that we are talking about an open-source wallet that can be integrated with smartphones. The head of the company also confirmed that one of the requirements for the project was the ease of use.

Previous articleTribe Capital to launch $75M crypto fund
Next articleNew York businesses ask governor to deny permits for crypto mining