According to the Twitter and Square CEO, Jack Dorsey, the finserv will start looking into the technical requirements for creating an open-source BTC mining system.
In a series of a tweet shared by the CEO, he explained the intention of considering a collaborative approach in ensuring that BTC mining is decentralized further. In his tweet, he said his company, Square, is looking into building a mining system that is based on silicon and is quite open to everybody, both businesses, and individuals. This is to ensure that the BTC network is more decentralized and resilient.
Jack Dorsey believes that the further decentralization of the network is more essential in settling transactions securely. Also, the firm’s system is looking to develop mining solutions that are energy efficient through integration, software, and silicon innovation.
This initiative will be headed by the Hardware lead of Square, Jesse Dorogusker, who helped previously in launching the custody service and hardware wallet created by Square. According to the CEO, the firm is building the mining structure with the same collaborative approach employed in the development of the BTC hardware wallet created earlier by the firm.
This announcement also referred to issues around the shortage of silicon and the vertical integration that the project will solve if it is successful. Also, the CEO shared his intention to build a single system that will see to the improvement of BTC mining accessibility.
He stated that as of now, BTC mining is not accessible to everyone, yet it should be as easy and straightforward as connecting a rig to the power source. Also, he mentioned that incentives are not enough for every individual to overcome the complexity that comes with the usage of a miner by themselves.
Jack Dorsey is known as a billionaire in America that supports the BTC community through its seasonal business ideas, with the recent one being the release of a new tipping service based on crypto on his microblogging space, Twitter.
The release of this crypto tipping service on Twitter will allow users on the social media network to link their accounts to third-party applications like Venmo and Cash App to receive funds from other users on the space.
According to Esther Crawford, the Twitter product manager, this new integrated feature will give access to more pathways to getting paid.