Square plans to create a more accessible Bitcoin mining infrastructure

Square plans to create a more accessible Bitcoin mining infrastructure

BUSINESS | OCT 18, 2021 | WOZINGA NEWS

Square plans to create a more accessible Bitcoin mining infrastructure

  • Square will soon start looking into the technical requirements for developing an open-source Bitcoin (BTC) mining system.

By Elah Mae Ariate Wozinga Staff

Square plans to create a more accessible Bitcoin mining infrastructure

According to Square CEO Jack Dorsey. The company will soon start looking into the technical requirements for developing an open-source Bitcoin (BTC) mining system.

In a series of tweets, Dorsey stated his intention to take a collaborative approach to further decentralizing Bitcoin mining.

“Square is considering developing a Bitcoin (BTC) mining infrastructure. It is for the individuals and businesses around the world based on custom silicon and open source.” “The more decentralized the system, the more resilient the Bitcoin network,” Dorsey explained.

Square’s technology seeks to provide Energy-efficient mining solutions

Further decentralizing the Bitcoin network, Dorsey said, would be crucial for safely settling transactions “long after they mined the final bitcoin.”

According to the report, Square’s technology also aims to provide energy-efficient mining solutions through innovation in silicon, software, and integration.

Jesse Dorogusker, Square’s hardware lead. He will head the endeavor, having previously assisted in the development of Square’s hardware wallet and custody program.

Dorsey stated that they will develop mining system in the same collaborative manner that the “assisted custody” bitcoin hardware wallet was.

Making bitcoin mining more accessible

Concerns such as silicon scarcity and vertical integration were also mentioned in the announcement as obstacles that the project will have to overcome to succeed.

Dorsey went on to say that he wants to build a unified system to make mining more accessible:

“Mining is not available to everyone. It should be as straightforward as plugging a computer into a power outlet.” “At the moment, there isn’t enough incentive for people to overcome the challenges of running their own mining operations,” Dorsey said.

Dorsey is one of a group of American billionaires who support cryptocurrency through a variety of commercial projects. The most recent of which is the launch of a cryptocurrency-based tipping service on Twitter.

In addition, with the launch of Twitter’s crypto tipping feature. Users can integrate third-party apps like Venmo and Cash App to collect payments from other users on the social media network.

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