Twitter CEO Jack Dorsey has confirmed that his company Square Inc is considering building a decentralized Bitcoin mining system.
Specifically, in a Twitter thread, Jack Dorsey said that the project will target individuals and businesses around the world. And it will be based on silicon, with an open source to build a hardware wallet.
Square and its Bitcoin mining system
So Jack Dorsey wants to build a unique system that can improve accessibility to Bitcoin mining. And further decentralize the BTC network.
«Square is considering building a Bitcoin mining system. Based on custom silicon and open source, for individuals and companies around the world. The more decentralized it is, the more resilient the Bitcoin network becomes. ‘
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 fact, Square’s system aims to offer energy efficient mining solutions. Through innovation in silicon, software and integration.
In addition, Jack Dorsey noted that: “The primary job of a miner is to securely settle transactions. Without the need for trusted third parties.
By the way, in his Twitter thread, Dorsey also said that silicon design or chip design is too concentrated in a few companies. What generates supply restrictions.
Why aren’t more companies doing this work?
Who will work on the initiative?
In particular, the CEO said Jesse Dorogusker, Square’s hardware leader, will lead the team to investigate the technical requirements. And so, carry out the project with Afshin Rezayee and Thomas Templeton.
“Our team led by Jesse Dorogusker will initiate the in-depth technical research required to undertake this project. We’d love to hear your thoughts, ideas, concerns, and collaboration, should we do this? Why or why not?
Our team led by @jessedorogusker 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. And now over to Jesse.
– jack⚡️ (@jack) October 15, 2021
In this regard, Dorogusker said: “We will prepare the Bitcoin mining system project within the Square hardware team. Starting with the architecture, design and prototyping of silicon, hashing algorithms and more energy efficient architectures.
We will incubate the Bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures.
– Jesse Dorogusker (@JesseDorogusker) October 15, 2021
Incidentally, the announcement also pointed to issues related to silicon shortages and vertical integration that the project will have to overcome to be successful. Jack Dorsey further communicated the intention to build a unique system that can improve accessibility to Bitcoin mining.
Finally, Jack Dorsey stated: “Bitcoin mining should be as easy as connecting a platform to a power source. Today, there are not enough incentives for people to overcome the complexity of managing a miner on their own.
I retire with this phrase by Anthony Pompliano: “You have to listen to learn.”
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