Square CEO Plans To Establish Open-Source, Decentralized Bitcoin Mining Platform

Date:


American financial services firm Square will start to investigate the technical requirements for creating an open-source Bitcoin (BTC) mining system.
Square is considering creating a Bitcoin mining system for individuals and businesses worldwide, based on custom silicon and open source software.

 

Its CEO, Jack Dorsey, said in a series of tweets published on October 16 that he intends to adopt a collaborative approach for further decentralising Bitcoin mining in the future.
 
https://twitter.com/jack/status/1449110239442345995
 
“The higher the degree of decentralisation, the more stable the Bitcoin network,” he emphasised.

 

Guaranteeing A Secure Bitcoin Transaction

 

Dorsey believes that further decentralisation of the Bitcoin network will be necessary to guarantee that transactions are securely resolved. 

 

Aside from that, Square’s technology aims to offer energy-efficient mining solutions via silicon, software, and system integration innovation.

 

Jesse Dorogusker, Square’s hardware lead, who was previously engaged in the launch of Square’s hardware wallet and custody service, will be in charge of the project. 
https://twitter.com/JesseDorogusker/status/1413222597207134214

 

According to Dorsey, the company will develop the mining system via a collaborative process similar to the one used to build its assisted custody Bitcoin hardware wallet which was launched last year.

Solving Silicon Shortage & Vertical Integration

 

Dorsey’s statement also highlighted difficulties related to silicon shortage and vertical integration that the project would need to overcome in order to succeed. 

 

He went on to add that he wants to build an uniform system that would make Bitcoin mining more accessible to a wider range of people

 

Dorsey is one of a group of American billionaires who have demonstrated their support for the Bitcoin community via a number of business initiatives, the most recent of which being the launch of a cryptocurrency-based tipping service on Twitter.

 

With the introduction of Twitter’s cryptocurrency tipping jar, users of the social media network can link third-party apps such as Cash App and Venmo to collect money from other platform members using cryptocurrencies.

 

Twitter has partnered with Strike, a technology based on the Bitcoin Lightning Network that enables users to make rapid international payments at a low or free cost. A little money sign has been added to Twitter’s profile page, which, if enabled, would appear on the creator’s profile, notifying other users that Bitcoin tips are being accepted.

 

The feature was initially made accessible to iOS users, and will be gradually made available to Android users over the following several months. As of now, Strike is only open for full access by citizens of El Salvador and the United States.

 

Read More:

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