Square CEO Jack Dorsey Intends to Set Up a Bitcoin Mining System October 16, 2021 October 16, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Bitcoin NewsOctober 16, 2021 by Kelly Cromley

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.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.