{"id":353633,"date":"2021-10-16T11:05:00","date_gmt":"2021-10-16T08:05:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/jack-dorseys-square-plans-to-build-an-open-source-bitcoin-mining-system\/"},"modified":"2021-10-16T11:05:00","modified_gmt":"2021-10-16T08:05:00","slug":"jack-dorseys-square-plans-to-build-an-open-source-bitcoin-mining-system","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/jack-dorseys-square-plans-to-build-an-open-source-bitcoin-mining-system\/","title":{"rendered":"# Jack Dorsey\u2019s Square plans to build an open-source Bitcoin mining system"},"content":{"rendered":"

“# Jack Dorsey\u2019s Square plans to build an open-source Bitcoin mining system <\/strong>”
\n<\/p>\n

American finserv Square will soon begin investigating technical requirements for building an open-source Bitcoin (BTC) mining system, according to CEO Jack Dorsey.<\/p>\n

Dorsey shared a series<\/a> of tweets explaining his intent to follow a collaborative app<\/a>roach in further decentralizing Bitcoin mining. He said<\/a>:<\/p>\n

\u201cSquare is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.\u201d<\/p><\/blockquote>\n

Dorsey believes that further decentralizing the Bitcoin network will be critical for securely settling the transactions \u201cwell after the last bitcoin is mined.\u201d Moreover, Square\u2019s system aims to deliver energy-efficient mining solutions by innovation in silicon, software, and integration.<\/p>\n

The initiative will be led by Jesse Dorogusker, Square\u2019s hardware lead, who previously helped launch\u00a0Square 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 \u2018assisted custody\u2019 BTC hardware wallet.<\/p>\n

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:<\/p>\n

\u201cMining isn\u2019t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn\u2019t enough incentive today for individuals to overcome the complexity of running a miner for themselves.\u201d<\/p><\/blockquote>\n

Related: <\/strong>Twitter<\/a> launches crypto tipping for all users<\/em><\/strong><\/p>\n

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 cryptocurrency-based tipping service on Twitter. <\/p>\n

The rollout of Twitter\u2019s 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. <\/p>\n

According to Twitter staff product manager Esther Crawford, the new feature provides access to pathways to get paid:<\/p>\n

\u201cDigital currencies that encourage more people to participate in the economy and help people send each other money across borders and with as little friction as possible \u2014 help us get there.\u201d<\/p><\/blockquote>\n