American finserv Square will soon begin researching the technical requirements to build an open source Bitcoin (BTC) mining system, according to CEO Jack Dorsey.
Dorsey shared a series of tweets explaining his intention to pursue a collaborative approach to further decentralize Bitcoin mining. He said:
“Square is considering building an open source, custom silicon-based Bitcoin mining system for individuals and businesses around the world. The more decentralized it is, the more resilient the Bitcoin network becomes. "
Dorsey believes that further decentralization of the Bitcoin network will be critical to securely settling transactions "long after the last bitcoin is mined." Additionally, Square's system aims to deliver energy efficient mining solutions through innovation in silicon, software and integration.
The initiative will be led by Jesse Dorogusker, Square's hardware leader, who previously helped launch Square hardware wallet and custody service. According to Dorsey, the company will build the mining system following a similar collaborative approach that was used to develop its 'assisted custody' BTC hardware wallet.
The announcement also pointed to issues related to silicon shortages and vertical integration that the project will have to overcome to be successful. Dorsey further shared the intention to build a unique system that can improve accessibility to Bitcoin mining:
“Mining is not accessible to everyone. Bitcoin mining should be as easy as connecting a rig to a power source. Today, there are not enough incentives for people to overcome the complexity of managing a miner on their own. "
Related: Twitter launches crypto tips for all users
Dorsey belongs to a group of American billionaires who support the Bitcoin community through various business initiatives, the latest being the launch of a cryptocurrency-based tipping service on Twitter.
The launch of Twitter's crypto tip jar allows users of the social media platform to link third-party apps like Cash App and Venmo to receive funds from other members of the platform.
According to Twitter Staff Product Manager Esther Crawford, the new feature provides access to avenues to receive payments:
"Digital currencies that encourage more people to participate in the economy and help people send money to each other across borders and with as little friction as possible, help us get there."
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