Last week, Square CEO Jack Dorsey took to the Twitter community and suggested a bitcoin mining system that is “as simple as plugging an oil rig into a power source.”
Last week, Jack Dorsey announced on a Twitter thread that Square is “considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide”.
Relatives | Square is working on a DeFi business focused on Bitcoin
According to the CEO of Twitter and Square, the complicated building process for this project would follow Square’s efforts to build a Bitcoin hardware wallet. In this second project, however, the challenges will be much greater.
Square is considering building a custom silicon and open source Bitcoin mining system for individuals and businesses worldwide. If we do this, we would be following our hardware wallet model: building in collaboration with the community in the open. First, a few thoughts and questions.
– jack⚡️ (@jack) October 15, 2021
As Dorsey points out, building a mining system involves making “very expensive” custom chips, not to mention the initiative would be unique to the financial payments company.
With blockchain-based projects moving at an exponential rate around the world, the environmental and efficiency issues associated with mining increasingly require solutions that can propel the technology towards cleaner, more sustainable energy use.
As the tech entrepreneur – and big Bitcoin supporter – points out, “energy is a system-level problem that requires innovations in silicon, software and integration.”
Another goal Dorsey mentions at the opening of the discussion is to ensure that the mining process remains accessible to the average crypto enthusiast, which has been achieved recently due to Bitcoin’s record high power consumption and the scarcity of the now expensive GPUs – graphics cards used – The arithmetic work that validates the transactions of digital currencies on the blockchain is becoming more and more difficult.
“Bitcoin mining should be as easy as plugging a rig into a power source. There aren’t enough incentives for individuals today to overcome the complexities of running a miner for themselves, ”said Dorsey.
Like Dorsey when he announced Square’s plans to build the hardware wallet, he explains his intention to build this new project “in collaboration with the outdoor community.”
For now, this project is just an idea that will be put up for discussion on Twitter. In fact, Dorsey goes so far as to seek community advice on whether or not Square should tackle this massive tech venture, and asks for feedback, ideas, and collaboration.
“Shall we do that? Why or why not? We will update this thread as we make our decisions, ”he wrote. Meanwhile, Square’s team, led by @jessedorogusker, will “begin the in-depth engineering research required to take on this project,” according to Dorsey.
Previously, Square had also announced that it would build a new open developer platform called TBD to provide services based on Decentralized Finance (DeFi).
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