Square, led by Jack Dorsey, intends to construct a bitcoin mining infrastructure.
According to Chief Executive Officer Jack Dorsey, Square, an American financial services business, will shortly begin researching the technological requirements for establishing an open-source Bitcoin (BTC) mining system.
In a series of tweets, Dorsey stated his aim to take a collaborative approach to further decentralising Bitcoin mining.
Mining solutions that save energy
Dorsey believes that further decentralising the Bitcoin network is critical for reliably settling transactions “long after the final bitcoin is mined.”
Furthermore, through silicon, software, and integration innovation, Square’s technology aims to create energy-efficient mining solutions.
Square’s hardware lead, Jesse Dorogusker, will lead the effort, having previously assisted in the creation of Square’s hardware wallet and custody programme.
Dorsey stated that the mining technology will be created in the same collaborative manner that the “assisted custody” bitcoin hardware wallet was.
Making bitcoin mining easier to access
Concerns such as silicon shortage and vertical integration were also listed in the release as barriers that the project will have to overcome in order to succeed.
Dorsey went on to state that he wants to build a unified infrastructure to make Bitcoin mining more accessible:
“Not everyone has access to mining. Bitcoin mining should be as simple as plugging a rig into a power source. Today, there isn’t enough incentive for individuals to overcome the complexities of running their own mining,” Dorsey said.
Dorsey is one of a group of American billionaires that support bitcoin through a range of commercial ventures, the most recent of which is the launch of a cryptocurrency-based tipping service on Twitter.
With the introduction of Twitter’s crypto tipping feature, users can link third-party apps such as Venmo and Cash App to collect money from other users on the social media network.