CRYPTO

Square can create bitcoin mining systems


Financial services firm Square Jack Dorsey could take another step forward in expanding the bitcoin ecosystem. Through her Twitter account, Dorsey Announced That company is currently “considering” the possibility of building a BTC mining system.

Related Reading | Square Cash app reports $ 2.7B quarterly bitcoin revenue, a 200% jump

A well-known bitcoin bull, Dorsey, has been exploring the sector in 2021 through an important partnership with Arch’s Kathy Wood. As NewsBTC reported, partners have proposed an alternative powered system to support a renewable energy grid with bitcoin mining.

Now, Square could base their mining system on “custom silicone and open source for individuals and businesses worldwide”. Dorsey made it clear that the mining system could track his hardware wallet model.

In August, the company unveiled a new project to build a hardware wallet as well as a decentralized exchange to facilitate bitcoin peer-to-peer trading. Similar to today’s announcement, the organization emphasizes the need to collaborate with communities and ecosystems for the benefit of projects and networks.

Dorsey reflects on the nature of mining and:

Mining needs to be further distributed. The main function of a miner is to settle transactions securely without the need for a trusted third party. This is very important after the last bitcoin digging. The more decentralized it is, the more resilient the bitcoin network becomes.

In this sense, the CEO of Square believes that BTC mining needs to move towards “more efficient” and clean energy.

Related Reading | Why Square will create new bitcoin-centric companies, according to CEO Jack Dorsey

As described in the White Paper, BTC Mining can be used to create and support an alternative energy system. Dorsey believes that BTC and its network are a potential source of innovation for the dilemma of renewable energy.

Square to work in bitcoin mining for the mainstream

Therefore, Square BTC wants to make mining more accessible to everyone to solve the problems of silicon design and vertical integration in the power sector. Dorsey says:

Excavation is not accessible to everyone. Bitcoin mining should be as simple as plugging a rig into a power source. There is not enough motivation today for individuals to overcome the complexities of running mines for themselves. What is the biggest obstacle to running a mine?

Square’s CEO said Jesse Doroguskar will lead a team with Afshin Rezai and Thomas Templeton to study the technical requirements for taking on the project. Doroguskar says:

We will launch the Bitcoin Mining System project within Square’s hardware team, starting with the architecture, design and prototyping of more efficient silicon, hashing algorithms and power architectures.

At the time of writing, BTC is trading at $ 61,945 on the daily and weekly charts with gains of 7% and 16.1%, respectively.

BTC at a rally on the weekly chart. Source: BTCUSD Trading View





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