Square Could Make a Bitcoin Mining System for the Masses
Square CEO Jack Dorsey said the company might design its own silicon for the product.
Most people haven’t been able to mine Bitcoin for years. The process relies on a significant amount of computational power that requires dedicated hardware or a significant number of relatively high-end systems. But it seems Square CEO Jack Dorsey wants to change that by making a Bitcoin mining system anyone interested in the cryptocurrency will be able to use.
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey said in a tweet. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.” He then posted a few theories about how Bitcoin mining needs to change.
Dorsey said he believes that Bitcoin mining needs to be more distributed, efficient, and accessible moving forward. That way the cryptocurrency’s integrity can be maintained while reducing its environmental impact and making crypto mining available to people who can’t afford to spend massive amounts of money up front. Ditto for the companies designing that hardware.
Dorsey said that Jesse Dorogusker, the hardware and Tidal lead at Square, will sit at the helm of a new team tasked with starting “the deep technical investigation required to take on this project.” Dorogusker previously led Square’s initiative to create a hardware wallet that Bitcoin owners could use to manage their crypto without relying on established services.
Originally published at https://www.pcmag.com.
