Square Inc, a United States fintech company, has said it will soon begin investigating technical requirements for building an open-source bitcoin mining system.
The company, which is run by Twitter’s Chief Executive Officer, Jack Dorsey, disclosed this in a tweet.
Dorsey explained in a tweet his intent to follow a collaborative approach in further decentralising BTC mining.
“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralised this is, the more resilient the Bitcoin network becomes,” he said.
The CEO said he believed that decentralising the BTC network was crucial to securely settling transactions “well after the last BTC is mined”.
Square’s system also aims to deliver energy-efficient mining solutions by innovation in silicon, software, and integration.
The initiative will be led by Jesse Dorogusker, Square’s hardware lead, who also helped launch Square’s hardware wallet and custody service.
Dorsey added that the company would build the mining system following a similar collaborative approach used to develop its assisted custody BTC hardware wallet.
“Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves,” he said.
Twitter has since launched a cryptocurrency-based tipping service.
Its Staff Product Manager, Esther Crawford, at the time, had said, “Digital 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 – help us get there.”
The price of BTC has hovered around the $50,000-$60,000 mark for a week.
This is as the market continues to brace for the US first exchange-traded funds.
The US Securities and Exchange Commission recently tweeted about investing in funds that hold bitcoin futures contracts.
This has sparked optimism within the crypto community that the regulator may soon approve bitcoin exchange-traded funds, especially those investing in bitcoin futures.
“Before investing in a fund that holds bitcoin futures contracts, make sure you carefully weigh the potential risks and benefits,” SEC’s Office of Investor Education and Advocacy said.
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Source: US fintech firm to build open-source mining system