Square Bitcoin mining system teased by CEO and enthusiast Jack Dorsey
It’s no secret that Jack Dorsey is a big fan of Bitcoin (his Twitter bio only contains a bitcoin hashtag, for example), and so it’s likewise no surprise that his companies have started dabbling with the popular cryptocurrency. In his latest statement about the crypto, Dorsey said it is possible Square may make its own “Bitcoin mining system” that utilizes open-source software.
Dorsey talked about the potential plan in a tweet thread on Friday, stating that the potential Square mining system — should one actually launch — would be available for both businesses and individuals globally. “If we do this, we’d follow our hardware wallet model,” Dorsey said. “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
The message goes on from there, with Dorsey talking about crypto miners, its purpose, the need for increased efficiency and clean energy use, issues involving silicon design under the current industry, vertical integration, and, finally, the fact that “mining isn’t accessible to everyone.”
On that last point, Dorsey says that “Bitcoin mining should be as easy as plugging a rig into a power source.” Though a mining system hasn’t been promised at this time, he did say that a team will “start the deep technical investigation required to take on this topic.” Dorsey invited feedback from the public, including any ideas and concerns anyone may have.
This latest revelation follows Dorsey’s announcement this past summer that Square will make its own Bitcoin hardware wallet. The project will involve both a Bitcoin hardware wallet and a service that aims to “make Bitcoin custody more mainstream.” That move itself isn’t surprising — the Cash App from Square already supports buying and selling Bitcoin.