Jack Dorsey, the CEO of Twitter and Square, has more plans in the works for building out the Bitcoin network. Dorsey just announced that Square – the financial services company – is considering creating a Bitcoin mining system to decentralize mining worldwide.
Decentralizing Mining for People and Business
The Twitter CEO confirmed his plans in a thread on Twitter earlier today, explaining how his system will work and why it’s necessary. His ideal system would use “custom silicon” (specially customized ASICs) and open-source development. Like Square’s hardware wallet that they are still creating, it would be designed in open collaboration with and for the community.
Dorsey explains that mining needs to be more distributed to maintain the Bitcoin network’s security over time. Mining is currently a challenging industry to access due to the massive hash power required to generate meaningful returns. Bitcoin mining was highly concentrated in China until recently, though it has
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