Jack Dorsey, the American billionaire who is the co-founder and CEO of microblogging platform Twitter and the CEO of payments solutions provider Square, says the latter is “considering” building an “open” Bitcoin mining system.
Square was founded in February 2009, or just one month after Bitcoin’s initial release. The three co-founders are Jack Dorsey, Jim McKelvey, and Tristan O’Tierney.
In atweet sent out lats Friday (October 15), Dorsey said that the crypto-friendly payment platform was considering getting into the business of Bitcoin mining. Dorsey said the company’s plan involved building a system based on “custom silicon” and open source for “individuals and businesses” to leverage worldwide.
Dorsey said the company would approach mining in a similar manner as Square’s hardware wallet, building it in “open collaboration” with the broader crypto community.
In a series of subsequent tweets, Dorsey outlined his views on the state of crypto mining. Square’s CEO said that mining needed to become more distributed and declared the core job of a miner to be securely settling transactions without the use of trusted third parties. Dorsey explained that Bitcoin’s resiliency as a network was in direct proportion to its decentralization.
He explained that mining needed to become more efficient and pursue clean and efficient energy, highlighting the opportunities for innovation. In particular, Dorsey said that silicon design for mining was concentrated into a “few companies,” causing the supply to be overly constrained.
Dorsey went on to argue that Bitcoin mining should be more widely accessible and should be as easy as “plugging a rig into a power source.” He concluded by saying that his team, led by Jesse Dorogusker, would begin the deep technical investigation into mining, while soliciting the crypto community to provide input on the process.
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