{"id":51307,"date":"2021-10-16T13:57:21","date_gmt":"2021-10-16T10:57:21","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=51307"},"modified":"2025-09-02T22:58:51","modified_gmt":"2025-09-02T19:58:51","slug":"jack-dorsey-square-weighs-developing-an-open-source-bitcoin-miner","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/jack-dorsey-square-weighs-developing-an-open-source-bitcoin-miner\/","title":{"rendered":"Jack Dorsey: Square weighs developing an open-source Bitcoin miner"},"content":{"rendered":"<p>Jack Dorsey said that the payments giant Square is considering the possibility of creating an open-source Bitcoin mining device.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">1\/Mining needs to be more distributed. The core job of a miner is to securely settle transactions without the need for trusted 3rd parties. This is critical well after the last bitcoin is mined. The more decentralized this is, the more resilient the Bitcoin network becomes. True?<\/p>\n<p>\u2014 jack\u26a1\ufe0f (@jack) <a href=\\\"https:\/\/twitter.com\/jack\/status\/1449110241325551616?ref_src=twsrc%5Etfw\\\">October 15, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>From Dorsey&#8217;s view, mining should be more decentralized to increase the Bitcoin network&#8217;s resilience.<\/p>\n<p>He also called for more efficient use of energy and noted that the limited supply of silicon is concentrated in a few companies.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">3\/Silicon design is too concentrated into a few companies. This means supply is likely overly constrained. Silicon development is very expensive, requires long term investment, and is best coupled tightly with software and system design. Why aren\u2019t more companies doing this work?<\/p>\n<p>\u2014 jack\u26a1\ufe0f (@jack) <a href=\\\"https:\/\/twitter.com\/jack\/status\/1449110245670801408?ref_src=twsrc%5Etfw\\\">October 15, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Dorsey pointed to a lack of attention to vertical integration. He believes mining should be simple and accessible to everyone. For this reason, the Square founder is considering removing barriers for miners.<\/p>\n<blockquote class=\\\"twitter-tweet\\\">\n<p lang=\\\"en\\\" dir=\\\"ltr\\\">5\/Mining isn\u2019t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn\u2019t enough incentive today for individuals to overcome the complexity of running a miner for themselves. What are the biggest barriers for people running miners?<\/p>\n<p>\u2014 jack\u26a1\ufe0f (@jack) <a href=\\\"https:\/\/twitter.com\/jack\/status\/1449110250058096640?ref_src=twsrc%5Etfw\\\">October 15, 2021<\/a><\/p>\n<\/blockquote>\n<p> <script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>The initiative will be led by Square\u2019s head of hardware product development, Jesse Dorogusker. Dorsey also urged followers to share thoughts, ideas, concerns, and collaboration proposals.<\/p>\n<blockquote class=\\\"twitter-tweet\\\" data-conversation=\\\"none\\\">\n<p dir=\\\"ltr\\\" lang=\\\"en\\\">Our team led by <a href=\\\"https:\/\/twitter.com\/JesseDorogusker?ref_src=twsrc%5Etfw\\\">@jessedorogusker<\/a> will start the deep technical investigation required to take on this project. We\u2019d love your thoughts, ideas, concerns, and collaboration. Should we do this? Why or why not? We\u2019ll update this thread as we make our decisions. And now over to Jesse.<\/p>\n<p>\u2014 jack\u26a1\ufe0f (@jack) <a href=\\\"https:\/\/twitter.com\/jack\/status\/1449110251882549253?ref_src=twsrc%5Etfw\\\">October 15, 2021<\/a><\/p>\n<\/blockquote>\n<p><script async=\\\"\\\" src=\\\"https:\/\/platform.twitter.com\/widgets.js\\\" charset=\\\"utf-8\\\"><\/script><\/p>\n<p>Back in August, Dorsey <a href=\"https:\/\/u1f987.com\/en\/news\/jack-dorsey-to-spearhead-development-of-a-decentralized-bitcoin-exchange\">said he was working on the open TBD<\/a> platform to build a decentralized exchange on top of his payments company Square.<\/p>\n<p>In July, the company <a href=\"https:\/\/u1f987.com\/en\/news\/square-confirms-plans-to-develop-a-hardware-bitcoin-wallet\">confirmed plans to develop a hardware Bitcoin wallet<\/a>.<\/p>\n<p>Read ForkLog\u2019s Bitcoin news in our <a href=\\\"\/\/telegram.me\/forklog\\\" target=\\\"\u201c_blank\u201d\\\" rel=\\\"\u201cnofollow\u201d noopener\\\">Telegram<\/a> \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Jack Dorsey said that the payments giant Square is considering the possibility of creating an open-source Bitcoin mining device.<\/p>\n","protected":false},"author":1,"featured_media":51308,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1137,1330,1534],"class_list":["post-51307","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-cryptocurrency-mining","tag-jack-dorsey","tag-square"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51307","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=51307"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51307\/revisions"}],"predecessor-version":[{"id":51309,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/51307\/revisions\/51309"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/51308"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=51307"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=51307"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=51307"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}