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.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.