Square CEO Jack Dorsey said the company will be looking into the technical requirements for an open source bitcoin mining system.
“Square is considering creating an open source silicon-based bitcoin mining system for individuals and businesses around the world. If we do this, we will follow our hardware wallet model: create open source products in collaboration with the community. ” wrote Jack Dorsey on Twitter.
Square’s CEO believes further decentralization of the network will be critical to secure transactions. The initiative will be spearheaded by Jesse Dorogusker, who previously helped launch Square’s wallet.
Dorsey also mentioned the problems associated with the lack of silicon and vertical integration. To be successful, the project will have to overcome them. The founder of Twitter intends to create a unified system that will make Bitcoin mining more affordable.
Recall that in September, the social network Twitter tested the Tip Jar service to support the “tip” in BTC.