Fintech group Square is considering building a Bitcoin mining system using custom-made chip designs that would be available to the public, according to co-founder and CEO Jack Dorsey.
Bitcoin mining is a process that both underpins the blockchain—the decentralized ledger technology on which Bitcoin and other cryptos are based—and governs how new coins are added into circulation. Bitcoin miners use computers to solve complex mathematical problems which validate Bitcoin transactions and add them onto the blockchain. Miners are themselves rewarded with Bitcoin.
“Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves,” Dorsey said.The Square CEO also said that the mining process needs to be more efficient, with the drive toward clean and efficient energy use being crucial for Bitcoin’s economics and scalability. “Energy is a system-level problem that requires innovation in silicon, software, and integration,” he said.
The fintech executive has long been a proponent of Bitcoin. When Square as well as PayPal made crypto services available to customers late last year, it was a milestone in the road to institutional adoption of Bitcoin and other crypto assets. The move also helped kick off a frenzy of retail investor interest in Bitcoin.
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