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Square's Jack Dorsey to Build Bitcoin Mining System

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Jack Dorsey, CEO of American financial service provider, Square, has revealed plans on Twitter to build an open-source Bitcoin mining system with hopes to further decentralise the Bitcoin network.

He tweeted “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralised this is, the more resilient the Bitcoin network becomes.”

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'Bitcoin Mining Should be Easier'

"Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”

Square, Inc. is based in San Francisco, California and was founded in 2009 by Jack Dorsey and Jim McKelvey. The company launched its service Square Cash, which lets anyone with a debit card trade fiat for BTC. The company also offers payment processing services to merchants, charging 2.75 percent per swipe of a credit or debit card.

Dorsey believes that further decentralising the Bitcoin network will be critical for securely settling the transactions "well after the last bitcoin is mined."

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Moni Talks

Author: Moni Talks

Moni Talks is a cryptocurrency trading exchange and social platform that is dedicated to the crypto community.

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