Square could start building BTC mining rigs as the CEO of the company Jack Dorsey announced because he is not content with building a hardware wallet and a decentralized exchange alone so let’s read more in our latest Bitcoin news.
Jack Dorsey tweeted that the company is considering creating a Bitcoin mining rig as the company is already building the wallet as well as a decentralized exchange. Dorsey is all-in on Bitcoin and the leading crypto has increasingly become the main point in Square’s and Twitter’s worldview. Today, he announced that Square could start building a BTC mining rig. He said:
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.
— jack⚡️ (@jack) October 15, 2021
Dorsey laid out his reasoning for the tweet noting the fact that increased distribution of crypto mining nodes helps secure the decentralized network. He also wrote about the need for energy-efficient mining and referenced one of the biggest mainstream discussion points around crypto and BTC. It is one that helped trigger the crypto market’s summer slump and Tesla’s protest against the energy-intensive mining process. Dorsey tweeted:
“Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability. Energy is a system-level problem that requires innovation in silicon, software, and integration.”
The current Bitcoin mining rigs are often expensive and it takes months to source and requires a huge amount of energy to operate. Dorsey thinks that the design of silicon chips is way too concentrated on the few system companies and that the improved processes like vertical integration and software design and create a better mining rig. Mining is not accessible to everyone and said:
“Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”
Jesse Dorogusker who leads the hardware efforts at Square is heading up the firm’s TIDAL streaming music service and also worked as an engineer for Apple, he will lead the team’s technical investigation that is required to take on the project. Today’s announcement is the latest of most BTC-related initiatives for the company and Square’s Cash App mobile app is already a great way to purchase BTC and the company announced that it has plans to build a BTC hardware wallet. Square also revealed to create a new decentralized exchange focused on BTC Dorsey said that he hopes BTC can bring about “world peace” and said he will leave his dual CEO roles to work on BTC.
Dorsey is a noted BTC maximalist who said in recent months that he hopes BTC can bring “world peace” and said he will not leave his CEO roles to work on BTC if it needed more help than Twitter or Square.
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