Seeking Alpha
2021-10-15 21:27:53

Square CEO Jack Dorsey wants to build an open source bitcoin mining system

Shares of fintech payment servicer Square (NYSE:SQ) edge up 0.5% in after-hours trading on Friday after CEO Jack Dorsey says the company considers building a bitcoin (BTC-USD) mining system to make crypto mining more efficient and accessible, he writes in a Twitter thread. Shares of SQ rose about 1.8% to an intra-day high at $253.28, but now erases about have of those gains. The mining system would be based on custom silicon and open source for individuals and businesses around the globe, Dorsey said. "Bitcoin mining should be as easy as plugging a rig into a power source," and "mining needs to be more distributed." He shouts out Jesse Dorogusker as he "will start the deep technical investigation required to take on this project." In July, Dorsey said Square (SQ) is forming a new business that pulls together Seller, Cash App & Tidal to jump in the DeFi world. Recall in September that Twitter

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