Square CEO Jack Dorsey Intends to Set Up a Bitcoin Mining System

On Friday, Square Inc. Chief Executive Officer Jack Dorsey stated that the fintech company is seeking to create a bitcoin mining platform based on bespoke silicon and open source for both people and companies to use. These initiatives would be in addition to Square’s current ones, which include a company to create an open developer platform and a Bitcoin hardware wallet for users.

“That when we do this, we’d follow our hardware wallet design: develop in the open in cooperation with the community,” Dorsey revealed through a tweet. With Jesse Dorogusker as the leader, a team will look into what Square will need to create a bitcoin mining system.

Aside from that, Dorsey said in his Twitter thread that the silicon design or chip design industry is too centralized, causing supply limitations. In after-hours trading, shares of Square were up nearly 1%.

For the initial time in six months, bitcoin surpassed the $60,000 mark on Friday, as investors grew hopeful that US regulators would permit a futures-based exchange-traded fund (ETF), paving the way for broader investment in digital assets. China has been clamping down on bitcoin trading and mining since December.