Sat 16 October 2021:
Square Inc Chief Executive Officer Jack Dorsey stated on Friday that the Fintech company is working on a Bitcoin mining system for people and businesses based on customized silicon and open source.
This would add to Square’s existing Bitcoin-focused projects including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency.Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.” The price of bitcoin rose above $62,000 following Dorsey’s string of tweets, as the world’s most popular cryptocurrency pushes toward its all-time high.
Square’s statement comes as the United States overtakes China as the world’s top bitcoin mining destination for the first time. The U.S. is also flush with renewable power sources.
A team led by Square’s hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to build a Bitcoin mining system.
“We will incubate the bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures,” Dorogusker wrote in a tweet.
Dorogusker said that Afshin Rezayee, the leader and architect of Square’s silicon team in Toronto since 2015, will lead the project, given silicon is at the core of this new initiative.
“Building a strong core in silicon is just a start. Delivering the value we imagine requires the full stack – silicon, hardware, software, manufacturing, and innovative distribution that can help us support the whole world,” continued Dorogusker.
Dorsey, who is also the CEO of Twitter, also outlined his thinking on why Square is looking to enter an already crowded field.
“Mining needs to be more distributed,” Dorsey wrote in a tweet. “The more decentralized this is, the more resilient the bitcoin network becomes.”
On Friday, Bitcoin topped $60,000 for the first time in six months, since China’s crackdown on Bitcoin trading and mining, as hopes grew that US regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets
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