Square to Consider Building a Bitcoin Mining System

CEO Jack Dorsey said if the payments service provider begins the initiative, it would follow the open-source model it is using to build a hardware wallet.

Oct 15, 2021 at 9:28 p.m. UTC
Updated Oct 15, 2021 at 9:46 p.m. UTC

James Rubin is CoinDesk's U.S. news editor based on the West Coast.

Payments service provider Square is looking to develop a bitcoin mining system, the company’s CEO Jack Dorsey tweeted on Friday.

  • “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey wrote.
  • In his threaded tweets, Dorsey wrote that mining needs to be more distributed and energy-efficient, and that silicon design is too concentrated into just a few companies, leading to reduced supply.
  • He also said that mining should be more accessible to everyone, and he was soliciting thoughts on whether Square should pursue the project or not, and why or why not.
  • Dorsey wrote that if the payments service provider begins the initiative, it would follow the open-source model it is using to build a hardware wallet.
  • Square hardware lead Jesse Dorogusker will “start the deep technical investigation required to take on this project,” Dorsey wrote.
  • Dorogusker is also leading the wallet project, tweeting in July that he was assembling a team to focus on that initiative.
  • Dorsey has been an enthusiastic supporter of bitcoin, believing that the cryptocurrency has great potential. In August, he tweeted that TBD, Square’s new division focused on creating an open developer platform, is planning to build a decentralized bitcoin exchange.




UPDATE (Oct. 15, 21:34 UTC): Updated with additional detail on Dorsey’s tweets.

The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

CoinDesk - Unknown

James Rubin is CoinDesk's U.S. news editor based on the West Coast.

CoinDesk - Unknown

James Rubin is CoinDesk's U.S. news editor based on the West Coast.

Trending

1
CoinDesk - Unknown
How the US Can Establish Itself as a Crypto Leader

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

Regulators have an opportunity to map out thoughtful, strategic policy on stablecoins and beyond.

CoinDesk - Unknown
2
CoinDesk - Unknown
No, the UK Is Not Going to Make USDC and USDT Legal Tender

For “legalize” read “regulate.”

For “legalize” read “regulate.”

CoinDesk - Unknown
3
CoinDesk - Unknown
Thoughts From Davos

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

The crypto industry showed up in force at the World Economic Forum’s annual meeting.

CoinDesk - Unknown
4
CoinDesk - Unknown
Bitso, primer unicornio cripto de América Latina, despide a 80 empleados

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

El exchange, que tenía más de 700 empleados antes de los recortes, cuenta con cuatro millones de usuarios en la región.

CoinDesk - Unknown