- Square is seeking to join a crowded market.
- Dorogusker also leads Square’s crypto wallet initiative.
Square CEO Jack Dorsey said late Friday that the firm could enter the bitcoin mining sector. Following Dorsey’s tweets, the world’s most popular cryptocurrency hit an all-time high of $62,000. Dorsey tweeted that the firm is exploring a custom silicon-based bitcoin mining solution for people and companies globally.
Crypto Mining More Accessible
Just like Square wanted to simplify accepting credit cards for small companies and independent owners, Dorsey wants to make crypto mining more accessible. He said that bitcoin mining should be “as easy as plugging a rig into a power source.” Large-scale players may purchase tens of thousands of ASICs, the kind of specialized equipment needed to manufacture new currency.
According to Dorsey, the Square hardware head Jesse Dorogusker’s team will research the technology required for this endeavor. Dorogusker said Afshin Rezayee, the head and architect of Square’s silicon team in Toronto since 2015, would oversee the project. Dorogusker also leads Square’s crypto wallet initiative.
The Twitter CEO also explained why Square is seeking to join a crowded market. Dorsey revealed in August that he was mining bitcoins with Compass, a bitcoin mining service company. In late-Friday tweets, Square CEO pushed for equal access to mining.
The Square CEO discussed the importance of vertical integration and the concentration of silicon design within a few firms. He also also weighed in on the bitcoin carbon footprint issue. Square’s announcement comes as the US overtakes China as the world’s top bitcoin mining location. The US is likewise awash with renewable energy.