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Square CEO Jack Dorsey says looking to build a bitcoin mining system

This would add to Square's existing bitcoin-focused projects including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency.

By: Reuters |
Updated: October 16, 2021 9:49:43 am
Rajasthan HC stays arrest of Twitter CEO, refuses to quash FIR against himSquare CEO Jack Dorsey says looking to build a bitcoin mining system (Jack Dorsey/ Reuters image)

Square Inc Chief Executive Officer Jack Dorsey said on Friday the fintech firm is looking to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses.

This would add to Square’s existing bitcoin-focused projects including a business to build an open developer platform, as
well as a hardware wallet for the cryptocurrency.

“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey said in
a tweet. A team led by Square’s hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to
build a bitcoin mining system.

In his Twitter thread, Dorsey also said that silicon design or chip design is too concentrated into a few companies, leading
to supply constraints. Shares of Square were up about 1% in extended trading.

On Friday, bitcoin topped $60,000 for the first time in six months, since China’s crackdown on bitcoin trading and mining, as hopes grew that US regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to
wider investment in digital assets.

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