According to CEO Jack Dorsey, American finserv Square will soon begin studying technical needs for developing an open-source Bitcoin (BTC) mining infrastructure.
Dorsey explained his intention to take a collaborative approach to further decentralizing Bitcoin mining in a series of tweets.
Square is thinking of establishing a Cryptocurrency mining system based on bespoke silicon and open source for individuals and businesses all around the world. The more decentralized this is, the more resilient the Bitcoin network.
Dorsey feels that progressively decentralizing the Bitcoin network is essential for safely settling transactions “even after the final bitcoin is mined.”
Dorsey is one of a group of American billionaires that promote the Bitcoin community through various commercial efforts, the most recent of which is the establishment of a cryptocurrency-based tipping service on Twitter.
With the launch of Twitter’s crypto tipping jar, activities on social media sites can link third-party apps such as Cash App and Venmo to collect payments from many other platform users.
According to Twitter staff chief product officer Esther Crawford, the new feature gives users access to the following payment options:
Digital currencies that enable more people to engage in the economy by allowing people to transmit money across borders with as little friction as possible – these assist us.
Jesse Dorogusker, Square’s hardware head, who earlier helped create Square’s hardware wallet and custodial service, will oversee the endeavor. According to Dorsey, the business would design the mining platform in the same collaborative manner that it developed its ‘assisted custody’ BTC hardware wallet.
The release also mentioned problems such as silicon scarcity and vertical integration that the project will have to overcome in order to succeed. Dorsey went on to say that he wants to create a unified infrastructure that will make Bitcoin mining more accessible:
“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.”
Image Credits: Andrew Harrer | Bloomberg