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Jack Dorsey Says Square Is Considering Building a Bitcoin Mining System

Jack Dorsey suggests Square could build proprietary bitcoin mining system

10/18/2021 3:01:00 PM

Jack Dorsey suggests Square could build proprietary bitcoin mining system

Square's prospective system would use chip designs that would be available to the public, allowing individuals and businesses to easily mine Bitcoin.

Dorsey, who is also the co-founder of Twitter (ticker: TWTR), said in a tweet that Square was starting a technical investigation into building a Bitcoin mining system that could be widely used by individuals and businesses. He also encouraged feedback from the public over its development.

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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.

Dorsey raised key issues surrounding Bitcoin and mining in a Twitter thread announcing Square’s new initiative, noting that the process should be more distributed and decentralized to make the network more resilient.“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. headtopics.com

Also read: Bitcoin Prices Approach All-Time High in Run-Up to Futures ETFThe 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.

Dorsey added that silicon design—which describes the intellectual property of computer chips—is too concentrated among a few companies, making chip development very expensive. Square’s project would use custom-made chips with designs that would be made available publicly.

The fintech executive has long been a proponent of Bitcoin. When Square (SQ) as well as PayPal (PYPL) 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.

Square stock fell 0.2% in premarket trading Monday, in line with U.S. stock market futures, which were lower. The price of Bitcoin rose more than 6% from around $59,000 Friday to highs close to $62,600 over the weekend, and was holding steady near $62,000 early Monday. headtopics.com

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The crypto reached an all-time high of nearly $65,000 in April, according to data from CoinDesk, with Dow Jones Market Data recording a record high of near $63,500. Bitcoin has climbed some 425% since mid-October 2020, when it was changing hands around $12,000.

The recent rally in Bitcoin prices comes amid expectations that an exchange-traded fund tracking futures contracts for the leading crypto would begin trading this week. Read more: MarketWatch »

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Bitcoin-mining power plant raises ire of environmentalistsA bitcoin operation in central New York has taken over a power plant to find cheap energy for currency mining in a move that has alarmed environmentalists. Tr00peRR when are environmentalists not alarmed? it’s kind of their thing Cool. So what

Bitcoin-mining power plant raises ire of environmentalistsAn obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency. One mining operation in central New York came up with a novel solution that has alarmed environmentalists. Please cover this story. What about China? There should be limits on how many graphics cards ppl can buy

Bitcoin-mining power plant raises ire of environmentalistsAn obstacle to large-scale bitcoin mining is finding enough cheap energy to run the huge, power-gobbling computer arrays that create and transact cryptocurrency. One mining operation in central New York came up with a novel solution that has alarmed environmentalists. It uses its own power plant.

JPMorgan CEO Jamie Dimon says 'bitcoin is worthless' amid crypto bull runJPMorgan Chase & Co. started giving its wealth management clients access to crypto funds in July. Just like Gold, Silver, Art, Trading Cards and anything else that doesn’t produce FCF. Yet I’m sure he has expose to all of the above Bitcoin investing MM.