American financial service provider Square will soon begin investigating technical requirements for building an open-source Bitcoin (BTC) mining system, according to CEO Jack Dorsey.
Dorsey shared a series of tweets explaining his intent to follow a collaborative approach in further decentralizing Bitcoin mining. He said:
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.”
Dorsey believes that further decentralizing the Bitcoin network will be critical for securely settling the transactions “well after the last bitcoin is mined.” Moreover, Square’s system aims to deliver energy-efficient mining solutions by innovation in silicon, software and integration.
The initiative will be led by Jesse Dorogusker, Square’s hardware lead, who previously helped launch Square's hardware wallet and custody service. According to Dorsey, the company will build the mining system following a similar collaborative approach that was used to develop its “assisted custody” BTC hardware wallet.
The announcement also called out issues related to silicon shortage and vertical integration that the project will have to overcome in order to become successful. Dorsey further shared the intent to build a single system that can improve accessibility to Bitcoin mining:
“Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”
Dorsey belongs to a group of American billionaires that support the Bitcoin community through various business initiatives, with the latest being the launch of a cryptocurrency-based tipping service on Twitter.
The rollout of Twitter’s crypto tipping jar allows users of the social media platform to link third-party apps such as Cash App and Venmo to receive funds from other members of the platform.
According to Twitter staff product manager Esther Crawford, the new feature provides access to pathways to get paid:
“Digital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible — help us get there.”