Square CEO Jack Dorsey expressed his desire to establish a Bitcoin mining system

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Square CEO Jack Dorsey said on Friday night that the company may be involved in the Bitcoin mining business.

Dorsey tweeted The company is considering a “bitcoin mining system based on custom chips and open source for individuals and businesses around the world.” After a series of tweets by Dorsey, the price of Bitcoin rose above $62,000 as the world’s most popular cryptocurrency reached a record high.

Dorsey’s goal is to make crypto mining-the process of creating new bitcoins by solving increasingly complex computational problems-more accessible, just like Square’s original vision was to make it easier for small businesses and independent owners to accept credit card payments. . He wrote that Bitcoin mining should be “as easy as plugging a drill into a power source”. Today, the Bitcoin mining industry is dominated by large players who have the ability to purchase tens of thousands of ASICs, a special device used to mint new coins.

According to Dorsey, the team led by Jesse Dorogusker, Square’s head of hardware, will begin researching the technology needed to carry out the project.

“We will incubate the Bitcoin mining system project within Square’s hardware team, starting with the architecture, design, and prototypes of more efficient silicon, hashing algorithms, and power architecture.” Dorogusk wrote in a tweet.

Dorogusker said that since 2015, Afshin Rezayee, the leader and architect of Square’s silicon team in Toronto, will lead the project because silicon is at the core of this new initiative.

“Building a strong core in silicon is just the beginning. Delivering the value we imagine requires a complete stack-silicon, hardware, software, manufacturing, and innovative distribution that can help us support the entire world,” Dorogusker continued.

Dorogusker also leads Square’s project to build a crypto wallet.

Dorsey said Bitcoin mining should be easy

Dorsey, he is also the CEO Twitter also outlined his thoughts on why Square should enter an already crowded field.

“Mining needs to be more decentralized,” Dorsey wrote in a tweet. “The more decentralized, the more resilient the Bitcoin network.”

Dorsey shared in August that with the help of Bitcoin mining service provider Compass, he is personally starting to mint Bitcoin himself. In a tweet late Friday, Square’s CEO promoted this equal access to the mining world.

“Not everyone can mine,” Dorsey wrote. “Bitcoin mining should be as simple as plugging a rig into a power source. Today there is not enough motivation for individuals to overcome the complexity of running a mining rig on their own.”

The CEO of Square then shared his thoughts on the need to pay more attention to vertical integration and chip design, saying that chip design is too concentrated in a few companies.

Square’s boss also joined the energy debate around Bitcoin’s carbon footprint.

“Promoting clean and efficient energy use is very important to Bitcoin’s economy, impact, and scalability. Energy is a system-level issue that requires innovation in chips, software, and integration. What is the biggest opportunity here?” West continued.

Square’s announcement came as the United States surpassed China for the first time in its history as the world’s preferred destination for Bitcoin miners. The United States is also flooded with renewable energy.

Washington State is a mecca for hydroelectric power mines. New York produces more hydroelectric power than any other state east of the Rocky Mountains and counts its nuclear power plants in its 100% carbon-free electricity goal. At the same time, the share of renewable energy in Texas has grown over time, and as of 2019, 20% of its electricity comes from wind energy. The Texas grid also continues to rapidly add more wind and solar energy.

Texas also has a deregulated power grid with real-time spot pricing, allowing customers to choose between electricity suppliers, and, most importantly, its political leaders are supportive of cryptocurrencies. For miners who want a friendly welcome and cheap energy, these are dream conditions.

“If you want to move hundreds of millions of dollars of miners out of China, you need to ensure that your geography, politics, and jurisdiction are stable. You also want to ensure that these assets are protected by private property rights. You are relocating,” Core Scientific co-founder Darin Feinstein said.

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