Square plans to build bitcoin mining rigs…details here

Square plans to build bitcoin mining rigs…details here

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Answer Square plans to build bitcoin mining rigs…details here

Jack Dorsey, founder of Twitter and Square, is known as a Bitcoin supporter and enthusiast.

yesterday a statement Dorsey unveiled the latest potential part of his plans, tweeting that he was exploring whether to build Bitcoin mining hardware:

Square is considering building a dedicated, open-source, silicon-based bitcoin mining platform for individuals and businesses around the world.

If we do, we will follow our hardware wallet model, i.e. build openly with the community.

Dorsey put together a series of tweets, pointing to the fact that the increasing distribution of crypto-mining nodes is helping to secure the network and keep it decentralized.

He also wrote about the need for more energy-efficient mining, noting one of the biggest prevalent discussion points around bitcoin and cryptocurrencies.

Read:Ex-Cryptopia employee confesses to stealing $170,000 in cryptocurrency

On this, Dorsey indicated that:

Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability.

Energy is a system-wide problem that requires innovation in silicon, software, and integration.

Existing, custom-built Bitcoin mining rigs are often expensive, take months to acquire, and require a great deal of energy to operate.

Silicon wafer design is very concentrated in a few companies and improved processes can produce a better miner.

He added:

Mining is not within everyone’s reach, but it should be.

Jesse Dorogosker has been appointed to lead this new project from Square. He worked for Jesse as a former Apple engineer, and will lead his new team to begin the deep technical investigation required to take on this project.

The “Square” announcement is the latest among several bitcoin-related initiatives from the financial services company.

Read also:

Binance will support the upcoming Parachin Auctions for the Polkadot Project in November 2021

Read:The former British chancellor promises to fix the collapsed British economy… How will it affect the crypto market?

Analysis: Current Bitcoin rally driven by whales with no major short positions yet to be liquidated

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