Square could build a Bitcoin mining system, after Jack Dorsey
Square could build a Bitcoin mining system, after Jack Dorsey
Jack Dorsey, the CEO of Twitter and Square, has further plans for building the Bitcoin network. Dorsey has just announced that Square-the financial service company-is considering creating a Bitcoin mining system to decentralize mining worldwide.
decentralization mining for humans and companies
The Twitter CEO confirmed its plans in a thread on Twitter this morning and explains how his system works and why it is necessary. Its ideal system would use "Custom Silicon" (specially adapted ASICS) and open source development. Like the Hardware Wallet from Square, which you are still Create , it would be developed in open collaboration with and for the community.
Dorsey explains that the mining must be distributed more to maintain the safety of the Bitcoin network over time. Mining is currently a difficult industry due to the enormous hash power that is necessary to achieve meaningful returns. Until recently, the Bitcoin mining was strongly concentrated in China, although this is the case distribution to other areas since Chinas Mining ban
In addition, Dorsey says that the mining has to become more energy -efficient. Although the Chinese ban has also contributed to driving out the coal from industry, there is still a need for action in this regard. About half of the network rate of the network uses renewable energy sources-a growing number.
Dorsey also believes that silicon design is currently too concentrated, which leads to an over concentration of the offer. In combination with a lack of vertical integration in the industry, he describes the mining as inaccessible to the average person.
"There are not enough incentives for individuals today to overcome the complexity of leading a miner for themselves. What are the greatest obstacles for people who do miners?" asked Dorsey from his followers.
The Square team has already started the technical examination of its new project under the direction of Jesse Dorogusker. Dorogusker says his team will start with the "Prototyping of more efficient silicon, hashing algorithms and performance architectures".
Jack Dorseys Bitcoin mission
Despite its other achievements, the CEO from Twitter Bitcoin sees the most important work of his life. He himself
as such, he is dedicated to increasing acceptance and infrastructure using his companies Twitter and Square. His latest innovation came in a Twitter update last month. Mutual tip in Bitcoin. .