Jack Dorsey embarks on rig manufacturing
Square plans to study soon the technical conditions necessary for the manufacture of mining machine for Bitcoin (BTC).
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 is, the more resilient the Bitcoin network will be. “
The serial entrepreneur believes that improving the decentralization of the Bitcoin network will be key to securely settling transactions “long after the last BTC has been mined.” He shared his vision:
“Mining is not accessible to everyone. This should be as easy as plugging in a device. There are not enough incentives today for individuals to overcome the complexity of installing and operating a conventional machine. “
In addition, Square’s machines aims to provide low-energy mining solutions using silicon in particular.
Jesse Dorogusker, who heads the hardware division at Square and a former Apple engineer, will lead the team that will begin the research necessary to manufacture this new product.
Decentralized hardware and exchange
Today’s announcement is the latest in a long line of Bitcoin-centric initiatives for the US giant. Square’s Cash App mobile 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 said the company was working on creating an “open source platform” to deliver Bitcoin-centric financial services.
In June 2021, Jack Dorsey also claimed that Square was working on creating a hardware wallet for Bitcoin. The entrepreneur is one of the most fervent defenders of the most famous cryptocurrency. A convinced Maximalist, he declared:
“Bitcoin changes absolutely everything and I don’t think there is anything more important to work on in my lifetime.”
👉 To read on the same subject: Jack Dorsey and Square plan to create a decentralized exchange (DEX) focused on Bitcoin (BTC)
About the author: Florent David
Engaged in the crypto ecosystem since 2017. I am particularly interested in decentralized finance (DeFi), Ethereum 2.0 and non-fungible tokens (NFTs).
All articles by Florent David.