According to CEO Jack Dorsey, US firm Finserv Square will soon begin researching the technical requirements for an open source Bitcoin (BTC) mining system.
Dorsey shared a series of tweets stating that he intends to take a collaborative approach to further decentralize bitcoin mining. He said:
“Square is considering creating an open source silicon-based bitcoin mining system for individuals and businesses around the world. The more decentralized it is, the more resilient the bitcoin network will be.”
Dorsey believes that more decentralization of the bitcoin network will be crucial to securing transactions “long before the last bitcoins are mined.” Additionally, the Square system aims to deliver energy-efficient mining solutions through silicon, software, and integration innovations.
The initiative will be led by Jesse Dorogosker, Director of Hardware at Square, who previously helped launch Square’s hardware wallet and storage service. Dorsey said the company will build the mining system using a similar collaborative approach that was used to develop a BTC hardware wallet for “additional storage.”
The announcement also highlighted the shortcomings of silicon and vertical integration problems that the project had to overcome to succeed. Dorsey also shared his intention to create a unified system that could improve access to bitcoin mining:
“Mining is not for everyone. Bitcoin mining should be as simple as connecting the platform to a power source. Today, people do not have enough incentive to overcome the difficulty of running a miner on their own.”
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Dorsey belongs to a group of American billionaires who support the bitcoin community through various business initiatives, most recently launching a crypto-based advice service on Twitter.
Twitter’s cryptocurrency bank app allows users of the social media platform to connect third-party apps such as Cash App and Venmo to receive funds from other platform members.
According to Twitter private product manager Esther Crawford, the new feature provides access to ways to get paid:
“Digital currencies that encourage more people to participate in the economy and help people send money to each other across borders and with minimal friction helps us make that happen.”