Square CEO considers Bitcoin mining

Jack Dorsey has said they are "considering" building their own bitcoin mining system using an open-source software and custom silicon.

Square CEO considers Bitcoin mining

Square CEO Jack Dorsey has said they are "considering" building their own bitcoin mining system using an open-source software and custom silicon.

Square is considering the development of a Bitcoin mining system based on open source and custom silicon for individuals and businesses worldwide, Dorsey wrote on Twitter.

An initiative such as this would fit with Square's earlier this summer bitcoin hardware wallet project.

It would be much more challenging for the payment company to build a mining system instead of simply creating a wallet. Creating custom chips is a substantial expense, as Dorsey notes, and for a company that has supported Bitcoin for many years, this would be new territory.

The Twitter founder wrote, "Mines need to become more productive. Integrating clean energy with Bitcoin's economy and scalability is an excellent investment. Energy is a system-level problem requiring innovations in software, silicon, and integration."

Dorsey did not share many details in his tweet about the mining system, as he had with his earlier comments about his plans for the hardware wallet. In his view, the goal of crypto mining is to make it more efficient and accessible. Both of these elements are crucial for cryptocurrency mining to succeed.

Bitcoin's impact on climate change has skyrocketed in the past few years due to the cryptocurrency's usage of power at record levels. Due to mining and GPU scarcity, it has become extremely difficult for the average crypto enthusiast to mine on their own.

Dorsey wants crypto mining—the process of creating bitcoins by solving increasingly difficult computations—to be more accessible, much like the original vision of Square was to simplify the process of taking credit card payments among small businesses and independent proprietors.

Dorsey said that Bitcoin mining should be as easy as plugging in a machine. Whether Square will succeed in that endeavor is unclear. He said that Square "will begin the deep technical investigation required for this project," and hoped to hear feedback soon.