Share this article
Square to Consider Building a Bitcoin Mining System
CEO Jack Dorsey said if the payments service provider begins the initiative, it would follow the open-source model it is using to build a hardware wallet.
By James Rubin
Updated May 11, 2023, 5:48 p.m. Published Oct 15, 2021, 9:28 p.m.
Make us preferred on Google
Payments service provider Square is looking to develop a bitcoin mining system, the company’s CEO Jack Dorsey tweeted on Friday.
- “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide,” Dorsey wrote.
- In his threaded tweets, Dorsey wrote that mining needs to be more distributed and energy-efficient, and that silicon design is too concentrated into just a few companies, leading to reduced supply.
- He also said that mining should be more accessible to everyone, and he was soliciting thoughts on whether Square should pursue the project or not, and why or why not.
- Dorsey wrote that if the payments service provider begins the initiative, it would follow the open-source model it is using to build a hardware wallet.
- Square hardware lead Jesse Dorogusker will “start the deep technical investigation required to take on this project,” Dorsey wrote.
- Dorogusker is also leading the wallet project, tweeting in July that he was assembling a team to focus on that initiative.
- Dorsey has been an enthusiastic supporter of bitcoin, believing that the cryptocurrency has great potential. In August, he tweeted that TBD, Square’s new division focused on creating an open developer platform, is planning to build a decentralized bitcoin exchange.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
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
UPDATE (Oct. 15, 21:34 UTC): Updated with additional detail on Dorsey’s tweets.
More For You
Pudgy Penguins is building a multi-vertical consumer IP platform — combining phygital products, games, NFTs and PENGU to monetize culture at scale.
What to know:
Pudgy Penguins is emerging as one of the strongest NFT-native brands of this cycle, shifting from speculative “digital luxury goods” into a multi-vertical consumer IP platform. Its strategy is to acquire users through mainstream channels first; toys, retail partnerships and viral media, then onboard them into Web3 through games, NFTs and the PENGU token.
The ecosystem now spans phygital products (> $13M retail sales and >1M units sold), games and experiences (Pudgy Party surpassed 500k downloads in two weeks), and a widely distributed token (airdropped to 6M+ wallets). While the market is currently pricing Pudgy at a premium relative to traditional IP peers, sustained success depends on execution across retail expansion, gaming adoption and deeper token utility.
More For You
Circle faces first major 'threat' for institutional dollars from Tether’s USAT
While Circle's USDC has operated without a "credible domestic competitor," Tether's USAT has the potential to shake up the landscape, analysts said.
What to know:
- Analysts said USAT, the U.S.-focused stablecoin by Tether, could become the first credible domestic competitor to Circle's USDC token.
- USAT is "a threat to USDC" and could gain an edge through institutional partners and global USDT connectivity, Crypto is Macro Now's Noelle Acheson said.
- ClearStreet's Owen Lau called USAT “a manageable risk” for Circle, and noted potential "cannibalization" risk between Tether's two tokens.
Top Stories
