Square CEO Jack Dorsey said Friday that the company could jump into the bitcoin mining business.
Dorsey tweeted That company is considering “custom silicon and open source based bitcoin mining systems for individuals and businesses worldwide”. Bitcoin has risen above $ 62,000 since Dorsey’s tweet string as the world’s most popular cryptocurrency rushes to its all-time high.
Dorsey’s goal will be to make crypto mining – the process of creating new bitcoins by solving increasingly complex computational problems – more accessible, as much as Square’s core vision was to make it easier for small businesses and individual owners to make credit card payments. Bitcoin mining is “as simple as plugging a rig into a power source,” he wrote. Today, the bitcoin mining industry is influenced by large-scale players who can buy thousands of ASICs, the type of special gear used to create new coins.
According to Dorsey, the team led by Jesse Doroguskar, who is Square’s hardware lead, will begin studying the technology needed to take on the project.
“We will incubate the Bitcoin Mining Systems project within Square’s hardware team, starting with architecture, design, and more efficient silicon, hashing algorithms, and prototyping of power architectures.” Doroguskar wrote in a tweet.
Doroguskar said Afshin Rezai, the leader and architect of Square’s Silicon team in Toronto from 2015, will lead the project, as Silicon is a key part of this new initiative.
“Creating a strong core in Silicon is just the beginning. We need a complete stack to deliver the value we envision – silicon, hardware, software, manufacturing and innovative delivery that can help us support the whole world,” Doroguskar continued.
Doroguskar is leading Square’s project to create a crypto wallet.
Bitcoin mining should be easy, Dorsey says
“The mine needs to be further distributed,” Dorsey wrote in a tweet. “The more decentralized it is, the more resilient the Bitcoin network will be.”
Dorsey shared in August that she was personally entering Bitcoin Mining with the help of Bitcoin mining service provider Compass. In his tweet late Friday night, Square CEO advocated for this kind of egalitarian access to the mining world.
“Excavation is not accessible to everyone,” Dorsey wrote. “Bitcoin mining should be as simple as plugging a rig into a power source. People today don’t have enough incentive to overcome the complexities of running a mine for themselves.”
Square CEO shared his thoughts on vertical integration, as well as the need to focus more on silicone design, which he said has been over-focused among a few organizations.
Square Boss also jumped into the power debate surrounding Bitcoin’s carbon footprint.
“It’s great to move towards the use of clean and efficient energy for Bitcoin’s economy, impact and scalability. Energy is a system-level problem that requires innovation in silicon, software and integration. What are the biggest opportunities here?” Dorsey continued.
The announcement from Square comes when the United States for the first time took China as the world leader in bitcoin mining. The United States is also bright on renewable energy sources.
Washington State is a mecca for hydroelectric mining farms. New York produces more hydropower than any other state before the Rocky Mountains, and it counts its nuclear power plants as its target for 100% carbon-free electricity. Meanwhile, part of Texas’s renewal is growing over time, with 20% of its energy coming from the wind from 2019.
Texas has an uncontrolled power grid with real-time spot pricing that allows consumers to choose between electricity suppliers and, importantly, its political leaders are pro-crypto. These are dream conditions for miners who want a kind of welcome and cheap energy source.
“If you want to remove a multi-million dollar miner from China, you want to make sure you have geographical, political and jurisdictional stability. You also want to make sure that there is protection of private property rights for the property. Says co-founder Darren Feinstein.