Twitter founder said that he is considering building a 'bitcoin mining system', suggesting full-scale entry into the mining business

Twitter founder and mobile payments company Square CEO Jack Dorsey revealed on October 16, 2021 that Square may enter the mining business.

Square CEO Dorsey says looking to build a bitcoin mining system --tweet | Reuters
https://www.reuters.com/technology/square-ceo-dorsey-says-looking-build-bitcoin-mining-system-tweet-2021-10-15/

In a Twitter post on October 16th, Dorsey said, 'Square is considering building a custom silicon and open source-based Bitcoin mining system for individuals and businesses around the world. If we do this, we 'll be building openly in collaboration with the community, following the hardware wallet model, 'he said, announcing his intention to embark on a mining business.

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

Dorsey went on to say, 'Mining needs to be more decentralized. Minor's job is to make payments safe without relying on a third party. The more decentralized this work is, the more decentralized it is. , The resilience of Bitcoin's network will increase, and mining must be more efficient. Promoting clean and efficient energy use is for Bitcoin's economics, impact and scalability. It's great, 'he tweeted, saying that the aim of building a mining system is to promote decentralization and efficiency.

2 / Mining needs to be more efficient. Driving towards clean and efficient energy use is great for Bitcoin's economics, impact, and scalability. Energy is a system-level problem that requires innovation in silicon, software, and integration. What are the largest opportunities here?

— Jack ⚡️ (@jack) October 15, 2021

Mr. Dorsey has not revealed the concrete image of the 'bitcoin mining system', so it is unknown at the time of writing the article what it will be like. In August 2021, he said, ' We will develop a P2P decentralized Bitcoin exchange .' There is also a view that it will be a terminal for mining because it mentions hardware wallets and custom silicon ( ASIC).

Twitter founder mobile payment company Square announces development of 'Bitcoin hardware wallet' --GIGAZINE

In a series of tweets, Dorsey pointed out Bitcoin issues such as 'silicon design is too concentrated on some companies,' ' vertical integration is not progressing,' and 'barriers to entry for mining are high.' 'The team led by Jesse Drogskar will start the technical research needed to work on this project, and we'll update this thread when we decide if we should do it,' he said. , Has indicated that it intends to have Jesse Drogskar, the hardware manager of Square, take charge of the examination of the mining business announced this time. Drogskar is also the leader of the hardware wallet development team mentioned above.

Team Led By Our Attojessedorogusker Will Start The Deep Technical Investigation Required To Take On This Project. We'D Love Your Thoughts, Ideas, Concerns, And Collaboration. Should We Do This? Why Or Why Not? We'Ll Update This Thread As we make our decisions. And now over to Jesse.

— Jack ⚡️ (@jack) October 15, 2021

The Bitcoin market on the 16th was $ 60,000 for the first time in about half a year since April 2021 following Mr. Dorsey's announcement and the approval of Bitcoin futures ETFs (Exchange Traded Funds ) by US regulators. It was a high price of about 6.85 million yen) or more.