{"id":13264,"date":"2021-10-16T19:54:09","date_gmt":"2021-10-16T19:54:09","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/jack-dorsey-says-square-is-considering-building-a-bitcoin-mining-system-based-on-custom-silicon\/"},"modified":"2021-10-16T19:54:09","modified_gmt":"2021-10-16T19:54:09","slug":"jack-dorsey-says-square-is-considering-building-a-bitcoin-mining-system-based-on-custom-silicon","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/jack-dorsey-says-square-is-considering-building-a-bitcoin-mining-system-based-on-custom-silicon\/","title":{"rendered":"Jack Dorsey Says Square Is Considering Building a \u2018Bitcoin Mining System Based on Custom Silicon\u2019"},"content":{"rendered":"

Following the latest report from Cambridge University that shows a large percentage of the Bitcoin network\u2019s hashrate resides in the United States, the CEO of Twitter and Square, Jack Dorsey, has announced that Square is considering building a \u201cbitcoin mining system based on custom silicon.\u201d<\/strong><\/p>\n

Square Considers Building a Mining System<\/h2>\n

On the same day the CFTC fined<\/a> Tether Limited and Bitfinex, and the filings<\/a> that give the impression that the U.S. Securities and Exchange Commission (SEC) approved the Proshares Trust bitcoin futures ETF, Twitter CEO Jack Dorsey said Square is possibly jumping into the bitcoin mining industry. Dorsey has been a bitcoin proponent for years and he recently explained<\/a> that Square is in the midst of building a bitcoin hardware wallet in order to \u201cmake bitcoin custody more mainstream.\u201d<\/p>\n

In recent times Dorsey has also said<\/a> that bitcoin will be a big part of Twitter\u2019s future. He shared a URL link<\/a> to a book called \u201cAnatomy of the State\u201d by the economist Murray Rothbard, and Twitter just recently launched a bitcoin tipping feature<\/a>. Now Dorsey and Square are considering joining the bitcoin mining industry and aim to approach the ecosystem in a different fashion.<\/p>\n

\u201cSquare is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,\u201d Dorsey said on Friday. \u201cIf we do this, we\u2019d follow our hardware wallet model: build in the open in collaboration with the community.\u201d<\/p>\n

Dorsey believes mining needs to be \u201cmore distributed\u201d and the \u201cmore decentralized this is, the more resilient the Bitcoin network becomes.\u201d At the same time, the Square founder said the mining industry needs to progress toward \u201cclean and efficient energy use\u201d and to Dorsey, this requires \u201cinnovation in silicon, software, and integration.\u201d<\/p>\n

Dorsey Discusses Silicon Design and Says Jesse Dorogusker Plans to Research What\u2019s \u2018Required to Take on This Project\u2019<\/h2>\n

\u201cSilicon design is too concentrated into a few companies,\u201d Dorsey further remarked. \u201cThis means supply is likely overly constrained. Silicon development is very expensive, requires long-term investment, and is best coupled tightly with software and system design,\u201d he added. Dorsey also said:<\/p>\n

There isn\u2019t enough focus on vertical integration. Considering hardware, software, productization, and distribution requires accountability for delivering to an end customer vs improving a single technology in the chain.<\/p>\n

He added that he believes mining is not accessible to everyone, and everyone should be able to plug in a rig and mine. But there\u2019s a lot of complexity and barriers to entry, Dorsey highlighted, and he asked his Twitter followers: \u201cWhat are the biggest barriers for people running miners?\u201d Toward the end of his thread, he said that Jesse Dorogusker<\/a> \u201cwill start the deep technical investigation required to take on this project.\u201d<\/p>\n

What do you think about Twitter CEO Jack Dorsey saying Square is considering joining the bitcoin mining industry? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nMining, Bitcoin (BTC), Bitcoin mining, Bitcoin mining solutions, bitcoin mining system, Bitcoin software, bitcoin tipping feature, BTC Mining, BTC Mining Rigs, custom silicon, Dorsey, Hardware wallet, Jack Dorsey, Jesse Dorogusker, Silicon, Silicon development, Square, Square founder, tipping, Twitter CEO<\/p>\n","protected":false},"excerpt":{"rendered":"

Following the latest report from Cambridge University that shows a large percentage of the Bitcoin network\u2019s hashrate resides in the United States, the CEO of Twitter and Square, Jack Dorsey, has announced that Square is considering building a \u201cbitcoin mining system based on custom silicon.\u201d Square Considers Building a Mining System On the same day…<\/p>\n","protected":false},"author":0,"featured_media":13265,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-13264","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13264"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=13264"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/13264\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/13265"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=13264"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=13264"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=13264"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}