According to CEO Jack Dorsey, American financial institution Square will soon start investigating technical requirements for building an open source Bitcoin ( BTC) mining network.
Dorsey sent a series tweets outlining his intention to take a collaborative approach to further decentralizing Bitcoin mining. He stated
"Square is looking at building a Bitcoin mining network based on open source and custom silicon. This will allow individuals and businesses to mine Bitcoins from anywhere in the world. This makes the Bitcoin network more resilient.
Dorsey believes further decentralization of the Bitcoin network is critical to securely settling transactions "well after last bitcoin has been mined." Square's system also aims at providing energy-efficient mining solutions through innovation in silicon, integration, and software.
Jesse Dorogusker will lead the initiative. He is Square's hardware leader and previously launched Square's custody service. According to Dorsey the company will construct the mining system using a similar collaborative approach to the one used to create its 'assisted custody' BTC hardware wallet.
In addition to highlighting issues such as silicon shortage and vertical interoperability, the announcement stated that the project must overcome these obstacles to succeed. Dorsey also shared his intention to create a single system that will allow for Bitcoin mining to be more accessible.
"Mining isn’t for everyone. It should be as simple as plugging your rig into a power supply to start bitcoin mining. Individuals are not motivated enough to run a miner themselves.
Dorsey is part of a group American billionaires who support Bitcoin through various business initiatives. The latest was the launch of a cryptocurrency-based tipster service on Twitter.
Twitter's new crypto tipping jar lets users link third-party apps like Cash App and Venmo in order to receive funds from other members.