Jack Dorsey Says Square Is Looking to Build a Bitcoin Mining System.

Square’s existing bitcoin-focused projects include a business to build an open developer platform and a hardware wallet for the crypto.

Square Chief Executive Officer Jack Dorsey said on Friday the fintech firm is looking to build a Bitcoin mining system based on custom silicon and open source for individuals as well as businesses.

This would add to Square’s existing Bitcoin-focused projects including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency.

Our team led by @jessedorogusker 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. And now over to Jesse.

— jack⚡️ (@jack) October 15, 2021

In his Twitter thread, Dorsey also said that silicon design or chip design is too concentrated into a few companies, leading to supply constraints.

Shares of Square were up about 1 percent in extended trading.

On Friday, Bitcoin topped $60,000 for the first time in six months, since China’s crackdown on Bitcoin trading and mining, as hopes grew that US regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

Source: Gadgets 360

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