Bitcoin News and Finance
Jack Dorsey Says Square Is Considering Building a ‘Bitcoin Mining System Based on Custom Silicon’ Skip to main content

Jack Dorsey Says Square Is Considering Building a ‘Bitcoin Mining System Based on Custom Silicon’

Following the latest report from Cambridge University that shows a large percentage of the Bitcoin network’s hashrate resides in the United States, the CEO of Twitter and Square, Jack Dorsey, has announced that Square is considering building a “bitcoin mining system based on custom silicon.”

Square Considers Building a Mining System

On the same day the CFTC fined Tether Limited and Bitfinex, and the filings that give the impression that the U.S. Securities and Exchange Commission (SEC) approved the Proshares Trust bitcoin futures ETF, Twitter CEO Jack Dorsey said Square is possibly jumping into the bitcoin mining industry. Dorsey has been a bitcoin proponent for years and he recently explained that Square is in the midst of building a bitcoin hardware wallet in order to “make bitcoin custody more mainstream.”

In recent times Dorsey has also said that bitcoin will be a big part of Twitter’s future. He shared a URL link to a book called “Anatomy of the State” by the economist Murray Rothbard, and Twitter just recently launched a bitcoin tipping feature. Now Dorsey and Square are considering joining the bitcoin mining industry and aim to approach the ecosystem in a different fashion.

“Square is considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey said on Friday. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.”

Dorsey believes mining needs to be “more distributed” and the “more decentralized this is, the more resilient the Bitcoin network becomes.” At the same time, the Square founder said the mining industry needs to progress toward “clean and efficient energy use” and to Dorsey, this requires “innovation in silicon, software, and integration.”

Dorsey Discusses Silicon Design and Says Jesse Dorogusker Plans to Research What’s ‘Required to Take on This Project’

“Silicon design is too concentrated into a few companies,” Dorsey further remarked. “This means supply is likely overly constrained. Silicon development is very expensive, requires long-term investment, and is best coupled tightly with software and system design,” he added. Dorsey also said:

There isn’t enough focus on vertical integration. Considering hardware, software, productization, and distribution requires accountability for delivering to an end customer vs improving a single technology in the chain.

He added that he believes mining is not accessible to everyone, and everyone should be able to plug in a rig and mine. But there’s a lot of complexity and barriers to entry, Dorsey highlighted, and he asked his Twitter followers: “What are the biggest barriers for people running miners?” Toward the end of his thread, he said that Jesse Dorogusker “will start the deep technical investigation required to take on this project.”

What do you think about Twitter CEO Jack Dorsey saying Square is considering joining the bitcoin mining industry? Let us know what you think about this subject in the comments section below.

Labels:

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory