Jack Dorsey’s Square Plans to Build an Open-Source Bitcoin Mining System

Jack Dorsey is committed to build single system capable of both making mining more accessible and ability to further decentralize the Bitcoin network.  That’s mean people can have access to all the crypto related activities under the one roof. The vison behind this move is to make crypto easier and easily reachable to masses. Especially when Bitcoin price has surpassed $64K mark and its market demand has increased rampantly.

According to Jack Dorsey American financial service provider Square will soon start to explore the technical requirements needed to build such single source plat from.  Dorsey in his series of tweets explained it to people that how making Bitcoin more decentralized will help the people.  He also said:

“Square is discussing the vision to build a Bitcoin mining system forged upon custom silicon and open source for both private and institutional investors worldwide. The more decentralized system means more transparency int the bitcoin operations and trade.”

Dorsey has had the vision that the increasing popularity of bitcoin now demands more financial and legal transparency. Making Bitcoin and over all crypto related operations more and more decentralized will not just enhance the transparency but also ensure the lawful practices in crypto industry.

Square is not just working to develop a system with focus on decentralization of the bitcoin, but it will also build an energy efficient mining platform that will offer solutions to the modern-day needs.  Square’s open-source system will bring in the innovation by implementing silicon and software integration.

Jack Dorsey also said that his platform Square will develop the mining platform by implementing the same collaborative approach which was previously used for the development of “assisted custody” BTC hardware wallet. However, there have been some challenges which needed to be overcome in order to develop such sort of system. The project needs to overcome the silicon shortage and vertical integration in order to become saucerful.

As per the Dorsey’s opinion:

“Mining is not accessible to everyone. Bitcoin mining should be easy and accessible. Moreover, there is not any mechanism of offering respectful incentive for those who some how overcome all the challenges and establish their own mining operations at small scale.”

Hence, Dorsey has decided to take the initiative where people have access to all the Bitcoin related operations under the one roof. Jack Dorsey is amongst those U.S billionaires who openly supports the Bitcoin and Bitcoin community through various business initiative and through various platforms.  He recently started cryptocurrency-based tipping service on Twitter as well.  This will allows users to link their Twitter profiles to third party apps such as Cash App and Venmo to directly receive funds.