Jack Dorsey is getting into the rig-making business
Square is planning to study the technical requirements for making Bitcoin (BTC) mining machines in the near future.
Jack Dorsey, founder of Twitter and Square, shared a series of tweets explaining his intention to take a collaborative approach to further decentralize BTC mining. He stated:
“Square plans to build an open source Bitcoin mining system for individuals and businesses around the world. The more decentralized this system becomes, the more resilient the Bitcoin network will be.”
The serial entrepreneur believes that improving the decentralization of the Bitcoin network will be essential to securely settle transactions “long after the last BTC has been mined.” He shared his vision:
“Mining is not accessible to everyone. This one should be as easy as plugging in a device. There are not enough incentives today for individuals to overcome the complexity of setting up and operating a traditional machine.”
In addition, Square’s machines aim to provide energy-efficient mining solutions using silicon, among other things.
Jesse Dorogusker, who heads the hardware division at Square and is a former Apple engineer, will lead the team that will begin the research needed to build this new product.
A decentralized hardware and exchange
Today’s announcement is the latest in a long line of Bitcoin-centric initiatives for the U.S. giant. Square’s Cash App is already a popular way to buy BTC in the United States. But that’s not all.
The payment giant plans to build a decentralized exchange (DEX) focused on BTC. In July, Jack Dorsey had stated that the company was working on creating an “open source platform” to offer Bitcoin-centric financial services.
In June 2021, Jack Dorsey had also said that Square was working on creating a hardware wallet for Bitcoin. The entrepreneur is among the most ardent supporters of the most well-known cryptocurrency. A convinced maximalist, he had stated:
“Bitcoin changes absolutely everything and I don’t think there is anything more important to work on in my lifetime”.