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A known Bitcoin bull, Dorsey has been exploring the sector throughout 2021 with important partnerships created with Ark’s Cathie Wood. As NewsBTC reported, the partners proposed an alternative driven system to support a renewable energy grid with Bitcoin miners.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.In that sense, the CEO of Square believes BTC mining needs to be “more efficient” and to continue to move towards clean energy.
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As stated in the aforementioned Whitepaper, BTC mining could be used to create and support an alternative energy system. Dorsey believes BTC and its network are a potential source of innovation for the renewable energy dilemma.Square To Work On Bitcoin Mining For The Mainstream
Therefore, Square wants to make BTC mining more accessible to everyone in order to resolve the issues around Silicon design and vertical integration in the energy sector. Dorsey said:Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves. What are the biggest barriers for people running miners?The CEO of Square said Jessi Dorogusker will lead a team to research the technical requirements to undertake the project with Afshin Rezayee and Thomas Templeton. Dorogusker said:
We will incubate the Bitcoin mining system project inside Square’s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures.At the time of writing, BTC trades at $61,945 with a 7% and 16.1% profit in the daily and weekly charts, respectively.