Square's Jack Dorsey will create clean energy, an open source Bitcoin mining system

For some time here, Jack Dorsey has made several moves to integrate cryptocurrencies on Twitter, his most famous company, Now, also CEO of Square, his financial services (fintech) firm, plans to build a mining system for Bitcoin. of open code, more accessible, decentralized and powered by clean energy.

Here's what the Twitter CEO wants to do

Dorsey revealed his intentions in a series of tweets posted to his official account last Friday.

“Square is considering building a custom, open source silicon-based Bitcoin mining system for individuals and businesses around the world. The more decentralized it is, the more resilient the Bitcoin network becomes, ”wrote the CEO of Twitter and Square.

“Mining is not accessible to everyone. Bitcoin mining should be as easy as connecting a plant to a power source. Today, there are not enough incentives for people to overcome the complexity of managing a miner on their own, ”added Jack Dorsey.

The project would be led by Jesse Dorogusker, Square's hardware leader, whose team will investigate the requirements for Fintech to develop this ambitious mining system.

Jack Dorsey will integrate Bitcoin mining into his cryptocurrency exchange and wallet

In August, the company revealed a plan to build a decentralized cryptocurrency exchange to facilitate Bitcoin trading. This exchange would be tied to Square's hardware wallet and assisted custody service, announced last July. Therefore, the new mining system would be added to complete both projects.

“If we did, we would be following our hardware portfolio model: building outdoors in partnership with the community,” Jack Dorsey said on Twitter.

Use of green energy

Another goal of Square's mining system would be to move towards the use of clean energy, which would offer a solution to Bitcoin's most criticized problem: its excessive consumption of electricity. However, he also said that the silicon shortage could be a hindrance to his project.

Dorsey stressed the need to facilitate access to Bitcoin mining and make it "more efficient" in ecological and commercial terms.

“Mining needs to be more distributed. A miner's main job is to settle transactions securely without the need for trusted third parties. This is critical long after the last bitcoin has been mined. The more decentralized it is, the more resilient the Bitcoin network becomes, ”said the creator of Twitter.

What do you think of Twitter's dad's words? And you wish buy Bitcoins somehow? Let us know in the comments section below.