Square wants to build a bitcoin mining system
Square wants to build a bitcoin mining system

Jack Dorsey said fintech company Square is looking to develop an open-source, customized, processor-based bitcoin mining platform for individuals and businesses around the world. "If we do that, we will follow an open hardware wallet model that works with the community," he added.

This will complement the company's existing projects focused on Bitcoin, including creating an open development platform and hardware wallet for cryptocurrency.

Mining requires more customization. The primary function of minors is to securely process transactions without the need for a trusted third party.

This is critical once the last bitcoin has been mined. The more decentralized the bitcoin network, the more resilient the bitcoin network.

Mining must become more efficient. The trend towards cleaner and more efficient use of energy promotes the profitability, efficiency, and scalability of Bitcoin.

Electricity is a system-wide problem that requires innovation in chips, software, and integration. Silicon Design is very focused on a few companies.

This means that the view can be restricted a lot. Silicon development is very expensive and requires a long-term investment, preferably tightly integrated into the software and system design.

And more and more companies are not doing this job because so little attention has been paid to vertical integration. In terms of hardware, software, throughput, and distribution, end customers must be held accountable in exchange for in-chain technology improvement.

Treating it as a single system improves accessibility because not everyone can access mining.

According to Dorsey, bitcoin mining — the process of creating new bitcoins by solving increasingly complex computing problems — should be as simple as connecting mining hardware to a power source. But today, individuals are not motivated enough to deal with the complexity of managing the mining process themselves.

Square is interested in the Bitcoin project

Square was trying to remove the biggest hurdle in mining, and the company's team, led by Jesse Dorogosker, began a comprehensive engineering study to complete the project.

The Bitcoin mining industry is dominated by big players who can buy tens of thousands of specialized hardware to mint new coins.

“We are incubating a Bitcoin mining operating system project within the Square Hardware team, starting with the most efficient silicon, hashing algorithm and performance architecture for architecture, design and prototyping,” Dorogosker said.

He added: “Since 2015, the project has been led by Afshin Rezaei, Toronto Square Silicon Team Manager and Engineer. The project has received support, infrastructure and expertise from Thomas Templeton and the Square hardware team.

Since China cracked down on bitcoin trading and mining, bitcoin has crossed the $60,000 level for the first time in six months as people increasingly hope that the money in circulation will be approved by US regulators. financial assets.

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