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Bitcoin Above $60K After Twitter CEO, Jack Dorsey Said Square Is Considering Building A Bitcoin Mining System

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Jack Dorsey says that Square is “considering” building its own Bitcoin mining system using custom silicon and open-source software.

Read: Vladimir Putin: “Cryptocurrencies Have A Right To Exist And Can Be Used For Settlements”



“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey wrote in a Twitter thread.

 

He added that such a project would follow a similar approach as the bitcoin hardware wallet Square began working on earlier this summer. But building a mining system would be considerably more complicated for the payments company than simply building a wallet. Creating custom chips is, as Dorsey points out, “very expensive,” and would be new territory for the payments company, which has been a major supporter of Bitcoin.

ReadEdward Snowden: Government Digital Coins (CBDCs) Are A Conspiracy Against Society, And Will Ransom Our Future

“Mining needs to be more efficient,” Dorsey wrote. “Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability. Energy is a system-level problem that requires innovation in silicon, software, and integration.”

ReadNorth Vancouver Will Be World’s First City Heated By Bitcoin

As with his earlier tweets about plans for the hardware wallet, Dorsey didn’t share many details about how the mining system would actually work. But he said the goal would be to make mining more efficient and accessible to more people, which could address two of the most important issues related to cryptocurrency mining.

ReadLatest Bloomberg Report Suggest SEC Isn’t Likely To Block Bitcoin Futures ETF Plus SEC Tweet Regarding Bitcoin Futures Takes BTC Above $59k

 

Bitcoin-related power usage has reached record highs in recent years, raising major concerns about the cryptocurrency’s impact on climate change. Mining has also driven up the prices and scarcity of GPUs, which has made it increasingly difficult for the average crypto enthusiast to mine on their own.

ReadTexas Senator Ted Cruz Proposes To Use Natural Gas For Bitcoin Mining

“Bitcoin mining should be as easy as plugging a rig into a power source,” Dorsey said. Whether or not Square will be able to accomplish that, is less clear. He said that the company “will start the deep technical investigation required to take on this project,” and is hoping to hear feedback on the idea in the meantime.

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Mark Brennanhttps://thecryptobasic.com/
Mark is 27, holds a Master degree in Business Administration, and works as a content Creator at TheCryptoBasic mostly on Crypto Market Updates. Since 2014 he has been active in the crypto sector. Thanks to the Business College in which other than Business subjects, he was taught about the disruptive potential of Blockchain. His interests include Blockchain technology and Crypto Market innovations. He also founded a small startup in which he gives lectures on cryptocurrencies.

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