American finserv Square is said to soon start investigating technical needs for creating an open-source Bitcoin (BTC) mining network, as explained by CEO Jack Dorsey. He wants to create one system that can enhance accessibility to Bitcoin mining and also decentralize the Bitcoin network.
Dorsey shared several tweets explaining his intentions to follow a collaborative strategy in further decentralizing BTC mining. He said:
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.”
He believes that more decentralization of the Bitcoin network will be crucial for securely settling the network transactions way after the last bitcoin is mined. Furthermore, Square’s system strives to deliver energy-efficient mining solutions through innovation in software, silicon, and integration.Buy Crypto Now
Square’s Bitcoin Mining Initiative
That initiative will be led by Square’s hardware lead, Jesse Dorogusker, who in the past helped in launching the Square hardware wallet and custody service. Based on Dorsey, the firm will create the mining system following a similar collaborative approach that was used to create its ‘assisted custody’ Bitcoin mining hardware wallet.
This announcement also highlighted issues that are related to silicon shortage and vertical integration that the project will have to overcome to become quite successful. Dorsey also shared the intent to create a single system that can enhance accessibility to Bitcoin mining:
“Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”
Dorsey is among the group of American billionaires who support the Bitcoin community via different business initiatives. His latest notable initiative is the launch of a crypto-based tipping service on Twitter.
The rollout of Twitter’s cryptocurrency tipping jar enables users of the social media network to integrate third-party apps like Venmo and Cash App to get funds from the other members of the platform.
Based on a statement by Esther Crawford, the Twitter staff product manager, the new feature gives access to different pathways to get paid:
“Digital currencies that encourage more people to participate in the economy; and help people send each other money across borders and with as little friction as possible — help us get there.”