CEO of financial services company Square Jack Dorsey could take another step further into expanding the Bitcoin ecosystem. Via his Twitter account, Dorsey announced that the company is currently “considering” the possibility of creating a BTC mining system. Related Reading | Square’s Cash App Reports $2.7B In Quarterly Bitcoin Revenue, A 200% Jump A known Bitcoin bull, Dorsey has been exploring the sector throughout 2021 with important partnerships created with Ark’s Cathie Wood. As NewsBTC reported, the partners proposed an alternative driven system to support a renewable energy grid with Bitcoin miners. Now, Square could be based their mining system on “custom silicon and open source for individuals and businesses worldwide”, the announcement said. Dorsey clarified that the mining system could track its hardware wallet model. In August, the company revealed a new project to build a decentralized exchange to facilitate Bitcoin peer-to-peer trading alongside a hardware wallet. Similar to today’s announcement, the company emphasized the need to collaborate with the community and the ecosystem to benefit the project and the network. Dorsey made some reflections on the nature of mining and: Mining needs to be more distributed. The core job of a miner is to securely settle transactions without the need for trusted 3rd parties. This is critical well after the last bitcoin is mined. The more decentralized this is, the more resi...
