dorsey says may build opensource bitcoin

Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability. Energy is a system-level problem that requires innovation in silicon, software, and integration.”

As with his earlier tweets about plans for the hardware wallet, Dorsey didn’t share many details about how the mining system would actually work. But he said the goal would be to make mining more efficient and accessible to more people, which could address two of the most important issues related to cryptocurrency mining.

Bitcoin-related power usage has reached record highs in recent years, raising major concerns about the cryptocurrency’s impact on climate change.


Square has begun work on an open-source bitcoin mining system according to a Friday tweet from company founder and CEO Jack Dorsey.

Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.
First some thoughts and questions.


— jack⚡️ (@jack) October 15, 2021

Dorsey believes that mining needs to be more distributed and efficient, arguing that “silicon design is too concentrated into a few companies”. He also said that mining isn’t accessible to everyone and should be as easy as plugging a rig into a power source.

He is Square’s hardware leader and previously launched Square’s custody service. According to Dorsey the company will construct the mining system using a similar collaborative approach to the one used to create its ‘assisted custody’ BTC hardware wallet.

In addition to highlighting issues such as silicon shortage and vertical interoperability, the announcement stated that the project must overcome these obstacles to succeed.


Dorsey also shared his intention to create a single system that will allow for Bitcoin mining to be more accessible.

“Mining isn’t for everyone. It should be as simple as plugging your rig into a power supply to start bitcoin mining.
Individuals are not motivated enough to run a miner themselves.

Dorsey is part of a group American billionaires who support Bitcoin through various business initiatives.

Dorsey says may build opensource bitcoiner

Square Inc. (SQ) is contemplating building a system for bitcoin mining, according to Chief Executive Jack Dorsey. The system would be open source and “based on custom silicon,” Dorsey announced in a late Friday tweet.
He argued that bitcoin mining needs to become more distributed, efficient, and accessible. “Bitcoin mining should be as easy as plugging a rig into a power source,” he wrote. “There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.” Dorsey has long been interested in bitcoin and looked for tie-ins with Square’s business. He introduced the ability for users of Square’s Cash App mobile wallet to buy and sell bitcoin a few years back and announced in July that the company was working on an open-developer platform mainly focused on bitcoin.
Square shares are off 0.6% in premarket trading Monday.

Dorsey says may build opensource bitcoins


Square may make a Bitcoin hardware wallet, says Jack Dorsey. In a 13-part Twitter thread, the executive laid out his thinking for what that device would look like if Square were to release one.
“Bitcoin is for everyone,” said Dorsey. “It’s important for us to build an inclusive product that brings a non-custodial solution to the global market.”

To that point, any potential hardware wallet from Square would include some kind of phone integration. “An uncompromising focus on mobile interaction is likely to include the most people,” said Dorsey. At the same time, he acknowledged that your phone can be a significant liability, especially in the context of a cryptocurrency wallet.

Dorsey says may build opensource bitcointalk

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? Please comment what you think of it.

Dorsey also mentions Cash app integration as an obvious inclusion, but notes he’s not sure a potential standalone device would necessarily need a small display.

If it sounds like Dorsey and Square haven’t completely settled on what a mainstream Bitcoin hardware wallet should look like, that appears to be the point. “If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community,” said Dorsey.

While cryptocurrency hardware wallets aren’t a new idea (we’ve even seen some blockchain phones), a device from Square could be a major driver of mainstream adoption, particularly now that other financial services companies like Venmo have embraced the technology. A hardware device would also make Bitcoin tangible in a way that could help make the concept of cryptocurrencies more understandable to your average consumer.

Currently the bitcoin mining manufacturing industry is concentrated into a handful of companies largely based in China such as Bitmain, Bitfury, and Canaan.

Given a recent rise in the global demand for semiconductors, bitcoin mining companies have trouble obtaining volume from chip fabricators like Taiwan Semiconductor as their relatively low number of orders compared to electronic giants such as Apple, Tesla, AMD, or Nvidia don’t make it a priority for fab time.

TSMC has a virtual monopoly on the high-end chip manufacturing business, required to produce semiconductors useful for the latest generation of bitcoin miners, given its advanced process nodes but rivals in China like SMIC are trying to catch up. Reportedly, TSMC gives bitcoin mining its lowest priority given the wild swings in demand that follow the price of bitcoin.

Square Inc. (SQ) is contemplating building a system for bitcoin mining, according to Chief Executive Jack Dorsey. The system would be open source and “based on custom silicon,” Dorsey announced in a late Friday tweet.

He argued that bitcoin mining needs to become more distributed, efficient, and accessible. “Bitcoin mining should be as easy as plugging a rig into a power source,” he wrote. “There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.” Dorsey has long been interested in bitcoin and looked for tie-ins with Square’s business. He introduced the ability for users of Square’s Cash App mobile wallet to buy and sell bitcoin a few years back and announced in July that the company was working on an open-developer platform mainly focused on bitcoin.

Square shares are off 0.6% in premarket trading Monday.
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.

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