- Square, founded by Bitcoin bull Jack Dorsey, plans to expand its BTC exposure with Bitcoin rigs
- Jack Dorsey announced the company is already building a hardware wallet and an exchange
Dorsey Exploring Bitcoin Mining Rigs
Founder and CEO of Square and Twitter, Jack Dorsey continues to build on his bitcoin goals and aspirations. In addition to working on a Bitcoin hardware wallet and a decentralized exchange, he’s set his gaze upon mining equipment.
More precisely, Square intends to get into the hardware field of Bitcoin through building mining rigs for the original cryptocurrency.
In a series of tweets, Jack Dorsey explained how Square could dive deeper into the Bitcoin universe. “Square is considering building a Bitcoin mining system,” Mr. Dorsey said on Twitter last week. He added that it would be “based on custom silicon and open source for individuals and businesses worldwide.”
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”
Following the opening Twitter post, the Square CEO went further to reflect on the process and how it would work. He emphasized on the need for increased distribution as it would help secure the Bitcoin network.
With Focus on Clean Energy and Wide Access
In addition, he also acknowledged how important it is for Bitcoin to be mined with clean energy. “Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability,” he said. “Energy is a system-level problem that requires innovation in silicon, software, and integration,” Mr. Dorsey also noted.
On that note, the current custom-built Bitcoin mining hardware often requires a lot of energy to operate. It also has a relatively high price tag and could take months to be built and put to use.
“Mining isn’t accessible to everyone,” Jack Dorsey also said, highlighting how difficult it was for people to mine Bitcoin. “There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”
To this end, he remarked that “Bitcoin mining should be as easy as plugging a rig into a power source.”
The intention of Jack Dorsey marks another step for him toward prioritizing Bitcoin in both of his companies’ agenda. Late in September, Mr. Dorsey unveiled the newest feature on Twitter which allows bitcoin tipping for content on the platform.