Square Plans to Build a Bitcoin Mining System?

8:15 am, Tue, 19 October 21

Square is the digital payments behemoth, based in the United States of America. The CEO of Square, Jack Dorsey, is one of the most influential names in the world right now. The innovative developments suggested by the company is one of several reasons for its popularity and success.

It has now been reported that Jack Dorsey may have planned something new. According to reports, the company is about to explore the feasibility of building a Bitcoin mining system.

Numerous factors go into building such a system. Let’s find out more details about this announcement and the possibility of a new system to mine the flagship crypto asset.

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What Principles Will be Considered to Build the New Mining System?

The announcement that revealed the possibility of Square building a Bitcoin mining system was made by Jack Dorsey through Twitter.

Dorsey tweeted:

The thread of posts tweeted by Jack Dorsey also disclosed the principles that will be considered to build the new mining system. It has also been revealed that if the payment firm works on building a new mining system it would be done so on the company’s hardware wallet model.

The main aspect of the new mining system is that it will be based on “custom silicon and open source for individuals and businesses worldwide”.

The firm will also conduct an investigation, technical in nature, around factors of mining Bitcoin such as efficiency, distribution and design. The thread tweeted by Dorsey on Twitter also included some questions.

  • What are the biggest opportunities of mining Bitcoin with clean and efficient energy?
  • Does a BTC network become more resilient if it is decentralized?
  • Why aren’t more companies working with silicon development?
  • What are the barriers for miners?

According to Jack Dorsey, these questions were added to the post to get some feedback from the community. He also added that this mining project will be lead by Jesse Dorogusker, the hardware lead at Square.

Dorsey stated:

Our team, led by Jesse Dorogusker, will start the deep technical investigation required to take on this project. We’d love your thoughts, ideas, concerns, and collaboration. Should we do this? Why or why not? We’ll update this thread as we make our decisions.”

Could This Cause a Price Surge for Bitcoin?

The flagship cryptocurrency recently broke through a significant price mark of $60k (at the time of writing). The price surge has made crypto enthusiasts even more optimistic than before. Now, with this new development announced by the payment giant Square, crypto enthusiasts are left to wonder if Bitcoin will see a further increase in its price.

Even if this is anticipated, it will only be confirmed once the new mining system has been built.

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