On Friday, Square CEO Jack Dorsey tweeted that they might look into developing bitcoin mining in addition to the ongoing crypto wallet project. Dorsey has always been an advocate of Bitcoin and the digital coin saw a surge after his tweet and reached $62.000.
Dorsey said that his fintech firm Square will base the mining system on silicon and open source and it could be mined by both individuals and businesses. He mentioned that silicon design or chip design had been concentrated into a few major players. This had led to supply constraints.
The founder of Twitter also that if the fintech set up mining operations it would be similar to what they were doing in their hardware wallet model. The wallet is being built in the open and with community collaboration.
The original focus of Dorsey lead Square was to help small businesses and independent proprietors utilize credit card payments. He is looking to develop a similar, easily accessible model for bitcoin mining and had earlier tweeted that the process must be “as easy as plugging a rig into a power source.”
Jesse Dorogusker, who is the hardware lead at the fintech will be in charge of investigating the necessary parameters to start a project that would focus on building a bitcoin mining system.
Dorogusker said in a tweet that they would develop the bitcoin mining project inside the hardware team of Square for its architecture and design. The team would also work on prototyping of more efficient silicon, hashing algorithms, and power architecture for the project.
The head of the crypto wallet project at the fintech also added that building a strong core in silicon was the beginning. They also wished to deliver values that could support world and that required the full stack which was silicon, software and hardware. It also encompassed manufacturing and innovative distribution.