Jack Dorsey & Bitcoin
Jack Dorsey says Square may build a bitcoin mining system, adding to bitcoin price surge
_ Square CEO Jack Dorsey said late on Friday the company might jump into the bitcoin mining business.
_ Dorsey tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”
_ If Square does execute on this, Dorsey said the company would follow its hardware wallet model: “build in the open in collaboration with the community.”
Jack Dorsey & Bitcoin Minning
Dorsey’s goal would be to make crypto mining — the process of creating new bitcoins by solving increasingly complex computational problems — more accessible, much as Square’s original vision was to make it easier for small businesses and independent proprietors to take credit card payments.
He wrote that bitcoin mining should be “as easy as plugging a rig into a power source.” Today, the bitcoin mining industry is dominated by large-scale players who can afford to buy tens of thousands of ASICs, the type of specialty gear used to mint new coin.
The team run by Jesse Dorogusker, who is the hardware lead at Square, will begin studying the technolody necessary to take this project on, according to Dorsey.
“We will incubate the bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures,”
Bitcoin mining should be easy, says Dorsey
“We will incubate the bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures,”
What do you think of jacket big ideas regarding bitcoin mining?
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