{"id":473877,"date":"2021-10-15T21:55:30","date_gmt":"2021-10-15T21:55:30","guid":{"rendered":"https:\/\/wncen.com\/?p=473877"},"modified":"2024-06-11T13:59:32","modified_gmt":"2024-06-11T13:59:32","slug":"dorsey-square-bitcoin-mining-system","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/dorsey-square-bitcoin-mining-system\/","title":{"rendered":"Jack Dorsey: Square Could Build Bitcoin Mining System"},"content":{"rendered":"<p>CEO of financial services company Square Jack Dorsey could take another step further into expanding the Bitcoin ecosystem. Via his Twitter account, Dorsey <a href=\"https:\/\/twitter.com\/jack\/status\/82549253\" target=\"_blank\" rel=\"noopener nofollow\">announced<\/a> that the company is currently \u201cconsidering\u201d the possibility of creating a BTC mining system.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading | <\/em><a href=\"https:\/\/wncen.com\/news\/squares-cash-app-2-7b-in-bitcoin-revenue\/\">Square\u2019s Cash App Reports $2.7B In Quarterly Bitcoin Revenue, A 200% Jump<\/a><\/strong><\/p>\n<p>A known Bitcoin bull, Dorsey has been exploring the sector throughout 2021 with important partnerships created with Ark\u2019s Cathie Wood. As NewsBTC reported, the partners proposed an alternative driven system to support a renewable energy grid with Bitcoin miners.<\/p>\n<p>Now, Square could be based their mining system on \u201ccustom silicon and open source for individuals and businesses worldwide\u201d, the announcement said. Dorsey clarified that the mining system could track its hardware wallet model.<\/p>\n<p>In August, the company revealed a new project to build a decentralized exchange to facilitate Bitcoin peer-to-peer trading alongside a hardware wallet. Similar to today\u2019s announcement, the company emphasized the need to collaborate with the community and the ecosystem to benefit the project and the network.<\/p>\n<p>Dorsey made some reflections on the nature of mining and:<\/p>\n<blockquote><p>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.<\/p><\/blockquote>\n<p>In that sense, the CEO of Square believes BTC mining needs to be \u201cmore efficient\u201d and to continue to move towards clean energy.<\/p>\n<p style=\"text-align: center\"><strong><em>Related Reading |\u00a0<\/em><a href=\"https:\/\/wncen.com\/news\/bitcoin\/square-bitcoin-company-jack-dorsey\/\">Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey<\/a><\/strong><\/p>\n<p>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.<\/p>\n<h2>Square To Work On Bitcoin Mining For The Mainstream<\/h2>\n<p>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:<\/p>\n<blockquote><p>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><\/blockquote>\n<p>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:<\/p>\n<blockquote><p>We will incubate the Bitcoin mining system project inside Square\u2019s hardware team, starting with architecture, design, and prototyping of more efficient silicon, hashing algorithms, and power architectures.<\/p><\/blockquote>\n<p>At the time of writing, BTC trades at $61,945 with a 7% and 16.1% profit in the daily and weekly charts, respectively.<\/p>\n<figure id=\"attachment_473882\" aria-describedby=\"caption-attachment-473882\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-473882 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/10\/Bitcoin-BTC-BTCUSD-13.png?resize=860%2C495\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"495\"><figcaption id=\"caption-attachment-473882\" class=\"wp-caption-text\">BTC on a rally in the weekly chart. Source: <a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/?symbol=BITSTAMP%3ABTCUSD\" target=\"_blank\" rel=\"noopener nofollow\">BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>CEO of financial services company Square Jack Dorsey could take another step further into expanding the Bitcoin ecosystem. Via his Twitter account, Dorsey announced that the company is currently \u201cconsidering\u201d the possibility of creating a BTC mining system. Related Reading | Square\u2019s Cash App Reports $2.7B In Quarterly Bitcoin Revenue, A 200% Jump A known Bitcoin bull, Dorsey has been exploring the sector throughout 2021 with important partnerships created with Ark\u2019s Cathie Wood. As NewsBTC reported, the partners proposed an alternative driven system to support a renewable energy grid with Bitcoin miners. Now, Square could be based their mining system on \u201ccustom silicon and open source for individuals and businesses worldwide\u201d, the announcement said. Dorsey clarified that the mining system could track its hardware wallet model. In August, the company revealed a new project to build a decentralized exchange to facilitate Bitcoin peer-to-peer trading alongside a hardware wallet. Similar to today\u2019s announcement, the company emphasized the need to collaborate with the community and the ecosystem to benefit the project and the network. Dorsey made some reflections on the nature of mining and: 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 \u201cmore efficient\u201d and to continue to move towards clean energy. Related Reading |\u00a0Why Square Will Create New Bitcoin-Focused Company, According To CEO Jack Dorsey 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\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? 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\u2019s 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.<\/p>\n","protected":false},"author":535,"featured_media":471954,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-473877","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Jack Dorsey: Square Could Build Bitcoin Mining System<\/title>\n<meta name=\"description\" content=\"CEO of financial services company Square Jack Dorsey could take another step further into expanding the Bitcoin ecosystem. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. 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In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Jack Dorsey: Square Could Build Bitcoin Mining System","url":"http:\/\/wncen.com\/news\/dorsey-square-bitcoin-mining-system\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/dorsey-square-bitcoin-mining-system\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/bitcoin-mining-header_resize_md.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/bitcoin-mining-header_resize_md.jpeg?fit=744%2C418"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-10-15T21:55:30Z","datePublished":"2021-10-15T21:55:30Z","dateModified":"2024-06-11T13:59:32Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Jack Dorsey: Square Could Build Bitcoin Mining System\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/dorsey-square-bitcoin-mining-system\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/dorsey-square-bitcoin-mining-system\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/bitcoin-mining-header_resize_md.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/bitcoin-mining-header_resize_md.jpeg?fit=744%2C418\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-10-15T21:55:30Z\",\"datePublished\":\"2021-10-15T21:55:30Z\",\"dateModified\":\"2024-06-11T13:59:32Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/bitcoin-mining-header_resize_md.jpeg?fit=744%2C418","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473877"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=473877"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/473877\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/471954"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=473877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=473877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=473877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}