Jack Dorsey Says Square Is Looking to Build a Bitcoin Mining System

Square's existing bitcoin-focused projects include a business to build an open developer platform and a hardware wallet for the crypto.

Jack Dorsey Says Square Is Looking to Build a Bitcoin Mining System

Jack Dorsey said that silicon design or chip design is too concentrated into a few companies

Highlights
  • Square has a project for developing hardware wallet for cryptocurrency
  • Shares of Square were up about 1 percent in extended trading
  • On Friday, Bitcoin topped $60,000 (roughly Rs. 44.97 lakhs)

Square Chief Executive Officer Jack Dorsey said on Friday the fintech firm is looking to build a Bitcoin mining system based on custom silicon and open source for individuals as well as businesses.

This would add to Square's existing Bitcoin-focused projects including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency. Bitcoin price in India as of October 16 at 12:22pm IST was Rs. 48.25 lakhs.

"If we do this, we'd follow our hardware wallet model: build in the open in collaboration with the community," Dorsey said in a tweet. This will be completely open source like Square's previously announced hardware wallet for Bitcoin, which can be stored offline or online at cryptocurrency exchanges.

A team led by Square's hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to build a Bitcoin mining system.

In his Twitter thread, Dorsey also said that silicon design or chip design is too concentrated into a few companies, leading to supply constraints.

Shares of Square were up about 1 percent in extended trading.

On Friday, Bitcoin topped $60,000 (roughly Rs. 44.97 lakhs) for the first time in six months, since China's crackdown on Bitcoin trading and mining, as hopes grew that US regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.

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