By Shelly Melancon (Switzerland)
The Chief Executive Officer of Twitter, Jack Dorsey, has announced plans to develop an innovative open-source system for crypto mining, pursuing the advancement of Bitcoin decentralization, providing more people with easier equipment to mine the coin. Dorsey will do this through Square, a financial services company that he co-founded in 2009.
Dorsey made this announcement via a thread on Twitter where he explained his plans to advance decentralized bitcoin mining through collaborative efforts. Dorsey stated that Square is considering a custom silicon bitcoin mining system that is open-source for everyone around the world; businesses and individuals can take advantage of it. He also hinted that Square would begin research into the technicalities of the project, with funds allocated for that purpose.
Dorsey, while giving details of the project, said that the proposed mining system will toe the technical footprints of its bitcoin hardware wallet. The hardware wallet was built using a collaborative approach.
He further said that decentralization is key for Bitcoin to gain more strength and gain a critical advantage for post-mining bitcoin transactions. Square’s bitcoin mining system will also be energy-efficient, using innovative silicon, software, and integration technologies. Dorsey said that the project would be led by Square’s Jesse Dorogusker, who led Square’s previous projects such as the hardware wallet and custody service launch.
Also read:Jack Dorsey pointed out a few challenges that the project will have to overcome. The two most important being a silicon shortage that has seen hardware producers shift production deadlines, and vertical integration to lower consumer prices. Dorsey identified that there aren’t enough incentives to get people interested in mining, given the numerous challenges that it faces. He said that crypto mining should be as easy as connecting a mining rig to a power source.
Jack Dorsey is known for his strong public support for bitcoin and other cryptocurrencies. He has publicly expressed his opinions over many issues touching the industry and together with rich businessmen like Elon Musk, he is known to have an effect on the crypto market when he makes statements.
The Challenges of Crypto Mining
Earlier in the year, individuals and bodies around the world expressed concerns about bitcoin mining using fossil fuel. The issues raised led, in part, to the market meltdown that started in May. Top crypto experts predicted that crypto mining would have to adopt clean energy to gain more ground. Some countries immediately began to crack down on crypto mining, prompting miners to relocate to countries with friendly mining policies. Yet, the reality is that cryptocurrency mining must be made even simpler and energy-efficient so that the number of miners around the world can increase.
Dorsey’s statement that further decentralization is required to strengthen the bitcoin network is a spot-on analysis that Square’s proposed silicon mining innovation will positively improve. If that is achieved, the token will surge to new ATHs. Who knows, the $100k prediction might just become a reality. But for now, bitcoin continues on a strong bullish trend.
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