Square to build open-source Bitcoin mining system

Monday 18 October 2021 12:31 CET | News

US-based Square has announced that it will soon begin investigating technical requirements for building an open-source Bitcoin (BTC) mining system.

Square’s CEO Jack Dorsey shared this in a series of tweets explaining his intent to follow a collaborative approach in further decentralising Bitcoin mining. He believes that further decentralising the Bitcoin network will be critical for securely settling the transactions.

Square’s system aims to deliver energy-efficient mining solutions by innovation in silicon, software, and integration.

The company will build the mining system following a similar collaborative approach that was used to develop its ‘assisted custody’ BTC hardware wallet. Recently, Dorsey’s Twitter launched a cryptocurrency-based tipping service, which allows users to tip using bitcoin’s lightning network.

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Keywords: Square, cryptocurrency, mining, DeFi, digital wallet
Categories: DeFi & Crypto & Web3
Countries: United States
This article is part of category

DeFi & Crypto & Web3

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