Square Inc CEO Jack Dorsey has said that the leading FinTech player is looking to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses.
This would add to Square’s existing bitcoin-focused projects including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey said in a tweet.
A team led by Square’s hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to build a bitcoin mining system.
In his Twitter thread, Dorsey also said that silicon design or chip design is too concentrated into a few companies, leading to supply constraints.
Shares of Square were up about 1% in extended trading.
On Friday, bitcoin topped $60,000 for the first time in six months, since China’s crackdown on bitcoin trading and mining, as hopes grew that US regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.
The team at Platform Executive hope you have enjoyed the ‘Square CEO Dorsey says looking to build a bitcoin mining system – tweet‘ article. Automatic translation from English to a growing list of languages via Google AI Cloud Translation. Initial reporting via our official content partners at Thomson Reuters. Reporting by Chavi Mehta in Bengaluru. Editing by Shailesh Kuber
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