Town square CEO Jack Dorsey said late last night that the company could jump into the bitcoin mining business.
Dorsey tweeted that the company is considering a “bitcoin mining system based on its own silicon and an open source for individuals and businesses around the world”. The price bitcoin after a series of Dorsey tweets, it has risen above $ 62,000 as the world’s most popular cryptocurrency moves to its all-time high.
Dorsey’s goal would be to make cryptography – the process of creating new bitcoins by solving increasingly complex computational problems – more accessible, just as Square’s original vision was to make it easier for small businesses and independent credit card owners. He wrote that bitcoin mining should be “the same as connecting the plant to a power source.” Today, the bitcoin mining industry is dominated by large players who can afford to buy tens of thousands of ASICs, a type of special equipment used to mint new coins.
According to Dorsey, the team led by Jesse Dorogusker, who is the head of hardware in Square, will begin to study the technology needed to carry out this project.
“We will incubate the Bitcoin Mining System project in the Square hardware team, starting with the architecture, design and prototyping of more efficient silicon, hashing algorithms and energy architectures.” Dorogusker wrote in tweete.
Dorogusker said Afshin Rezayee, leader and architect of the Square Square silicon team in Toronto since 2015, will lead the project as silicon is at the heart of the new initiative.
“Building a strong silicon core is just the beginning. Delivering the value we envision requires a wide range – silicon, hardware, software, manufacturing and innovative distribution that can help us support the world, ”continued Dorogusker.
Dorogusker is also management Project Square to build a crypto-wallet.
Dorsey, who is also the company’s CEO Twitter, he also outlined his thoughts on why Square was trying to enter an already crowded field.
“Mining needs to be more distributed,” Dorsey wrote in twete. “The more decentralized it is, the more resilient the bitcoin network.”
Dorsey shared in August that he personally embarked on bitcoin mining himself with the help of the bitcoin mining service provider Compass. In his tweets late on Friday, CEO Square advocated this kind of egalitarian approach to the mining world.
“Mining is not available to everyone,” Dorsey wrote. “Mining bitcoins should be as simple as plugging a device into a power source. Today, there is not enough incentive for individuals to overcome the complexity of operating a miner for themselves.”
CEO Square further shared his thoughts on the need for a greater focus on vertical integration, as well as silicone design, which he said is too concentrated among several companies.
Chief Square also jumped into the energy debate over the bitcoin carbon footprint.
“Moving towards clean and efficient energy use is great for the economy, impact and scalability of bitcoin. Energy is a system-level challenge that requires innovation in silicon, software and integration. What are the biggest opportunities?” Dorsey continued.
An announcement from the Square comes when the US eclipse China the first time always as the top destination for bitcoin miners in the world. The US is also full of renewable energy.
Washington state is a Mecca of water-powered mining farms. New York produces more hydroelectric energy than any other state east of the Rocky Mountains and counts on its nuclear power plants up to the target of 100% carbon-free electricity. Meanwhile, Texas’ share of renewables is growing over time, p 20% of its energy comes from the wind since 2019. The Texas network is also continuing rapidly add more wind and solar energy.
Texas also has a deregulated power grid with real-time spot prices that allow customers to choose between energy providers and, most importantly, its political leaders are pro-crypto. These are the dream conditions for miners who want a warm welcome and cheap energy sources.
“If you want to relocate hundreds of millions of dollars of miners from China, you want to make sure you have geographical, political and jurisdictional stability. You also want to make sure there is protection of the private property rights of the assets you are moving,” said Darin Feinstein, co-founder. Core Scientific.