Jack Dorsey wants to build a single system that can improve accessibility to Bitcoin mining and further decentralize the BTC network. According to Twitter and Square CEO, his new Bitcoin mining system would be ‘more decentralized’ and accessible to individuals and businesses around the world.
Dorsey revealed his intentions in a series of tweets posted on his official account last Friday.
“Square is considering building an open-source, custom silicon-based Bitcoin mining system for individuals and businesses around the world. The more decentralized it is, the more resilient the Bitcoin network becomes,” wrote the CEO of Twitter and Square.
Dorsey believes that further decentralizing the Bitcoin network will be critical for securely settling the transactions “well after the last Bitcoin is mined.” Moreover, Square’s system aims to deliver energy-efficient mining solutions by innovation in silicon, software, and integration.
After Dorsey’s tweet, Bitcoin’s price surged, topping out at over $62,500 per coin—almost a record high, CNBC reports. As of the time of this writing, bitcoin is floating around $61,270, according to CoinDesk.
The initiative will be led by Jesse Dorogusker, Square’s hardware lead, who previously helped launch Square’s hardware wallet and custody service. According to Dorsey, the company will build the mining system following a similar collaborative approach that was used to develop its “assisted custody” BTC hardware wallet.
The announcement also called out issues related to silicon shortage and vertical integration that the project will have to overcome in order to become successful. Dorsey further shared the intent to build a single system that can improve accessibility to Bitcoin mining:
“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.”
Dorsey belongs to a group of American billionaires that support the Bitcoin community through various business initiatives, with the latest being the launch of a crypto-based tipping service on Twitter. The rollout of Twitter’s crypto tipping jar allows users of the social media platform to link third-party apps such as Cash App and Venmo to receive funds from other members of the platform.