Jack Dorsey says Square is considering the construction of a bitcoins mining system based on customer-specific silicon '-mining Bitcoin messages
Jack Dorsey says Square is considering the construction of a bitcoins mining system based on customer-specific silicon '-mining Bitcoin messages
According to the latest report by Cambridge University, which shows that a large percentage of the Hashrate of the Bitcoin network in the United States, the CEO of Twitter and Square, Jack Dorsey, has announced that Square is considering building a “Bitcoin mining system based on user-defined silicon. ”
Square consider building a mining system
on the same day the CFTC punishes tether limited and bitfinex and bitfinex and The Setting up Bitcoin-Futures-ETF ProShares Trust has approved, said Twitter CEO Jack Dorsey, that Square may get into the Bitcoin mining industry. Dorsey has been a supporter of Bitcoin for years and he recently explains that Square is currently building a Bitcoin hardware wallet to "make Bitcoin custody more mainstream".
Lately Dorsey has also that Bitcoin will be a big part of the future of Twitter. He divided Book with the title "Anatomy of the State" of the economist Murray Rothbard, and Twitter has only recently started Bitcoin tipping function . Now Dorsey and Square are considering joining the Bitcoin mining industry and want to tackle the ecosystem in another way.
"Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and companies worldwide," said Dorsey on Friday. "If we do this, we would follow our hardware wallet model: build in the open in cooperation with the community."
Dorsey believes that the mining has to be "more distributed" and the "decentralized this is, the more resistant the Bitcoin network". At the same time, the Square founder said that the mining industry has to progress in the direction of "clean and efficient energy use", and for Dorsey this requires "innovation in silicon, software and integration".
Dorsey talks about silicon design and says Jesse Dorogusker plans to research what is "necessary to take over this project"
"Silicond design is too concentrated on a few companies," Dorsey remarked. "This means that the offer is probably too limited. The development of silicon is very expensive, requires long-term investments and is best closely connected to software and system design," he added. Dorsey also said:
There is not enough focus on vertical integration. If you consider hardware, software, production and sales, the responsibility for delivery to an end customer is required in contrast to improve a single technology in the chain.
He added that he believed that the mining is not accessible to everyone and that everyone should be able to connect a drilling device and a mine. But there is a lot of complexity and entry barriers, emphasized Dorsey and asked his Twitter followers: "What are the greatest obstacles for people who do miners?" Towards the end of his thread, he said the Jesse Dorogusker "will initiate the profound technical examinations that are necessary for the takeover of this project."
What do you think that Twitter CEO Jack Dorsey says that Square is considering entering the Bitcoin mining industry? Let us know your opinion on this topic in the comments below.
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