Twitter Founder Plans To Launch Open-Source Bitcoin Mining System And Exchange

Jack Dorsey, the co-founder of Twitter and the financial technology company Square, plans to build an open-source mining system for individuals and companies. A separate Bitcoin exchange is also planned.

This is reported by Reuters news. According to this, Square CEO Jack Dorsey wants to build a Bitcoin mining system based on customer-specific hardware and open source for private individuals and companies. The platform should be publicly accessible and compatible with every Bitcoin wallet.

Big plans with hardware wallet, exchange, and more

The new project would join Square’s existing Bitcoin projects, which include a company that is developing an open developer platform and a hardware wallet for the cryptocurrency. Dorsey had reported about this again and again since June.

Open approach

“If we do this, we would follow our hardware wallet model: open building in collaboration with the community,” Dorsey said in a tweet.

At Square, the project will initially be led by Head of Hardware Development Jesse Dorogusker. Initially, the prerequisites are currently being worked on so that Square can take over the project to build a Bitcoin mining system. The highlight here, however, should be the hardware that can be minted with. According to Dorsey, one of the main concerns is that chip design is currently far too focused on a few companies, which is leading to delivery bottlenecks. If there were a broader crowd with more choice, the market could perhaps relax faster than experts currently believe.

For Square, the entry into its own stock exchange would come at exactly the right time. After the ups and downs of the past few months, Bitcoin topped the $60,000 mark for the first time in six months before the weekend.