Jack Dorsey and Square are building a Bitcoin Mining System that would help in bringing new software to help the activity of the leading cryptocurrency for its growth among users. It would be modeled after the "Hardware Wallet" if it pushes through, and Dorsey says that it would be open-source, meaning that anyone can use and help develop it.
Jack Dorsey and Square: Bitcoin Mining System
Jack Dorsey has brought the announcement to his Twitter account, and his thread has talked about the plans which he has for a Bitcoin Mining System that would be done under Square.
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.
— jack (@jack) October 15, 2021
Dorsey and Square aim for it to be an open-source system, and it is a massive leap on the future of the system, as a lot are looking into patenting and making their work exclusive. The goal of this is to have a lot of people be able to benefit from the software for all of their Bitcoin needs.
Additionally, this software aims to make a Bitcoin "mining system" to be accessible to everyone, which can be done easily and instantaneously, says Dorsey. And its process should not be complex, unlike the current mining process that people are going through in the present.
Read Also: US Overtakes China in Bitcoin Mining as China's Ban Takes Effect
What Is It?
One of the first designs it would have is that it would be open-source software, something that would be open to the community for collaboration and development. This means that it can be distributed through a license, and the community can join in to help develop the system so that they can mine Bitcoins.
However, Dorsey's thread did not specify the environmental benefits of the Bitcoin mining system, but it said that it would be more efficient about its energy use.
5/Mining isn’t accessible to everyone. 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. What are the biggest barriers for people running miners?
— jack (@jack) October 15, 2021
Bitcoin Mining System: Square and Dorsey's Plan for BTC
While many companies are looking into digital currency and going hands-free with regards to money, Jack Dorsey and Square are going old school with their announcement of a hardware wallet for Bitcoin last July. However, there were no further announcements regarding what the wallet would look like or how it would work when it releases.
As people are left to wonder how it would be once the wallet releases, Dorsey and Square are aiming to bring something big for people to enjoy. The company and the CEO have all focused on everything Bitcoin, and it only shows that they are planning something big for the development of the cryptocurrency.
Bitcoin was said to "unite the world," as regarded by Dorsey in his previous statement, and it only shows the regard and belief of the Twitter co-Founder regarding the blockchain coin.
The future still is something that should be heavily studied and regarded, as a lot are arguing believers and fans like Dorsey with regards to BTC being in a "bubble."
Related Article: $5.2 Billion US Crypto Transactions Tied To Common Ransomware Attacks? BTC as the Most Used Cryptocurrency, FinCEN Says
This article is owned by Tech Times
Written by Isaiah Richard
