CEO of American digital payments provider Square, Jack Dorsey said that the firm is thinking over the development of a Bitcoin mining system to provide more opportunities for individuals and enterprises to participate in the network.
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By doing so, Square will get closer to its hardware wallet model, which suggests cooperation with the community. Dorsey disclosed plans of creating a wallet in June and restated the idea in July.
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
In a series of tweets, the executive described how the option will help to make BTC mining more decentralized.
Being a huge Bitcoin supporter, Dorsey noted that higher decentralization increases resilience. Hardware lead Jesse Dorogusker will conduct the initiative.As stated by Dorsey, the new system will increase mining efficiency, make it more environmentally friendly, and reachable. The Square CEO finds mining needs to be as simple as connecting a rig into a power supply. He noted that currently there are few incentives that attempt to face the challenges of mining.