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Jack Dorsey Square Inc. co-founder says company may open bitcoin mining

Square may open bitcoin mining

Jack Dorsey Square Inc. co-founder says company may open bitcoin mining
Square considers bitcoin mining// Illustration by Kate Walker

Square may open bitcoin mining

Square and Twitter CEO Jack Dorsey announced that Square is toying with creating a “Bitcoin mining system,” giving more people access to try computing for a cryptocurrency. While the project may never come to fruition, user-friendly tools such as this could make crypto-mining commonplace and introduce a future-forward avenue for passive income.

Dorsey stresses that the system may never actually be completed, but the tweet thread was a first in testing the waters.

Pickaxe platform
The Jack Dorsey/Bitcoin love affair continues.

  • Square is considering building a “Bitcoin mining system” — the process in which computers solve complex math problems to “uncover” new Bitcoins.
  • The system or rig (Bitcoin mining takes major CPU power) would be made using “custom silicon” in order to avoid current supply chain issues.
  • Additionally, like Square’s upcoming Bitcoin hard wallet, the rig would be built open source so that other developers can provide input.

Dorsey stresses that the system may never actually be completed, but the tweet thread was a first in testing the waters.

Moonshot
For the past several years, Bitcoin has become of key interest for Dorsey. Square is one of the most mainstream fintech companies providing infrastructure for mainstream Bitcoin adoption, while Twitter’s tipping feature even accepts Bitcoin payments. Recently, Dorsey even partnered with Jay-Z on a Bitcoin fund to spur the crypto markets in India and Africa. He’s a true evangelist, even claiming that Bitcoin will bring about “world peace.”

In the case of Square’s Bitcoin mining system, Dorsey hopes that it can help lead the conversation in making Bitcoin “more distributed” and “more decentralized,” giving the average person a better chance to participate in unearthing a life-changing coin from the sands of ones and zeroes.