Jack Dorsey Says Square Is Looking to Build a Bitcoin Mining System

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Square CEO Jack Dorsey said on Friday that the fintech firm is looking to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses.

it will add to of square existing Bitcoin-focused projects To create an open developer platform includes a business as well as a hardware wallet for cryptocurrency. bitcoin price in india October 16 at 12:22 pm IST Rs. 48.25 lakhs.

“If we do this, we will follow our hardware wallet model: build in the open in collaboration with the community,” dorsey Said in a tweet. It will be completely open source, like Square’s previously announced hardware wallet for bitcoin, that can be stored offline or online on cryptocurrency exchanges.

A team led by Square’s hardware lead, Jesse Doroguskar, will examine the things needed to take on the project to build a bitcoin mining system for Square.

in that Twitter thread, Dorsey also said that silicon design or chip design is too concentrated in some companies, leading to supply shortages.

Shares of Square were up about 1 percent in extended trading.

On Friday, bitcoin topped $60,000 (about Rs 44.97 lakh) for the first time in six months since China cracked down on bitcoin trading and mining, as hopes rose that US regulators would allow futures-based exchange-traded funds (ETFs). Will give The move is likely to open the way for wider investment in digital assets.

© Thomson Reuters 2021


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