Earlier this year, Twitter CEO Jack Dorsey, who is also the founder and CEO of the fintech company Square, announced his plans to develop a hardware wallet to store Bitcoin. Citing the rise in value of Bitcoin, Dorsey has now announced that Square wants to build an open source Bitcoin system to make the cryptocurrency « more mainstream » and accessible to everyone.
The CEO of Twitter and Square shared his plans to build the open source Bitcoin mining system in a recent tweet thread. Dorsey began by saying, “Square is considering building a custom silicon and open source bitcoin mining system for individuals and businesses worldwide.” He then shared some of the problems facing the bitcoin mining scene today and how they do can be solved. You can read the first tweet right below.
Square is considering building a custom silicon and open source Bitcoin mining system for individuals and businesses worldwide. If we do this, we would be following our hardware wallet model: building in collaboration with the community in the open. First, some thoughts and questions.— jack⚡️ (@jack) October 15, 2021
Square is considering building a custom silicon and open source bitcoin mining system for individuals and businesses around the world. If we do this, we would be following our hardware wallet model: building in collaboration with the community in the open. First, some thoughts and questions .— jack⚡️ (@jack) October 15, 2021
Dorsey, if you don’t know, invested over $ 220 million in Bitcoin through Square in October 2020. Its hugely popular micro-blogging platform, Twitter, also recently introduced a feature that allows users to send bitcoins to their favorite content creators and users on the platform. Now Dorsey wants to make Bitcoin mining accessible to anyone who wants to participate with an open source Bitcoin mining system.
« If we did this, we would be following our hardware wallet model: Building outdoors in collaboration with the community, » added the CEO in his tweet. In the following tweets, Dorsey stated that bitcoin mining needs to be better distributed and more efficient. He also stated that Bitcoin mining should be accessible to everyone and « should be as simple as plugging a rig into a power source. » The Square CEO also pointed out that the current Bitcoin mining process is is not focused enough on vertical integration. With the combination of a hardware wallet and an open source mining system for Bitcoin, Square wants to improve the mining sector and make it more decentralized.
Dorsey also announced that Square’s hardware wallet team leader, Jesse Dorogusker, will soon begin the « deep technical investigation » to kickstart the project. So we can expect the company to develop an open source Bitcoin mining system sooner rather than later.
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