Finserv Square in the United States will soon begin investigating the technical requirements for building open source Bitcoin (Bitcoin) Mining system, according to CEO Jack Dorsey.
Dorsey shared a series of tweets explaining his intention to further decentralize Bitcoin mining through a collaborative approach.he Said:
“Square is considering building a Bitcoin mining system based on custom chips and open source for individuals and businesses around the world. The more decentralized, the more resilient the Bitcoin network.”
Dorsey believes that further decentralization of the Bitcoin network is essential to securely resolve transactions “after the last Bitcoin is mined.” In addition, Square’s system aims to provide energy-efficient mining solutions through innovations in silicon, software, and integration.
The program will be led by Jesse Dorogusker, Square’s head of hardware, who has previously helped launch Square hardware wallet and custody serviceAccording to Dorsey, the company will build a mining system following a similar collaborative approach used to develop its “assisted custodial” BTC hardware wallet.
The announcement also mentioned issues related to the shortage of silicon wafers and vertical integration, which the project must overcome in order to succeed. Dorsey further shared his intention to build a single system that can improve the accessibility of Bitcoin mining:
“Not everyone can mine. Bitcoin mining should be as simple as plugging a rig into a power source. Nowadays, individuals do not have enough motivation to overcome the complexity of operating their own mining rigs.”
Dorsey belongs to a group of American billionaires who support the Bitcoin community through various business plans. The most recent one is the launch of a cryptocurrency-based tipping service on Twitter.
The introduction of Twitter’s encrypted tip jar allows users of social media platforms to link to third-party applications, such as Cash App and Venmo, to receive funds from other members of the platform.
According to Esther Crawford, Twitter employee product manager, the new features provide a way to get paid:
“A digital currency that encourages more people to participate in the economy and helps people remit money across borders and minimizes friction-helps us achieve our goals.”