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Square president Jack Dorsey claims the settlements firm is investigating the prospect of building a Bitcoin mining system.

Dorsey informs his nearly 6 million Twitter followers that if Square attempts Bitcoin mining, they will follow some of their hardware wallet model principles.

“Square is thinking about building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.

 

If this becomes a reality, we will follow our hardware wallet model: build in the open in collaboration with the community.”

At this point, Dorsey affirms Square will perform a “deep technical investigation” of Bitcoin mining, including its efficiency, design, and distribution.

“A miners’ main job is to settle transactions without the need for trusted 3rd parties securely. This remains imperative well after the final bitcoin is mined. The more decentralized this is, the tougher the Bitcoin network becomes. True?

 

Mining needs to be more efficient. 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. What are the most significant opportunities here?

 

Silicon design is too concentrated on a few companies. This means supply is likely overly constrained. Silicon development is costly, requires long-term investment, and is best coupled tightly with software and system design. Why aren’t more companies doing this work?”

Dorsey also states that BTC mining at its present state is not available to everyone.

“Mining isn’t available to everyone. BTC mining should be as easy as connecting a rig to a power source. There isn’t enough motivation today for individuals to overcome the difficulty of running a miner for themselves. What are the most crucial barriers for people running miners?”

Dorsey says the inquiries were created to get local feedback. The tech mogul confirms that Jesse Dorogusker, Square’s hardware lead, will indeed spearhead the task.

“Our team, led by Jesse Dorogusker, will start the deep technical investigation required to take on this project. We’d love your thoughts, ideas, concerns, and collaboration. Should we do this? Why or why not? We’ll update this thread as we make our decisions.”

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