Square targets bitcoin mining for next crypto venture


Square inc (NYSE:SQ) is looking at a new system to mine bitcoin, the payments group chief executive Jack Dorsey said.

In a tweet, the Twitter founder said it would be “based on custom silicon ” and open-source, adding that bitcoin mining needs to become more efficient, and accessible.

“Bitcoin mining should be as easy as plugging a rig into a power source,” he wrote.

“There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”

In July, Dorsey said he was working on an open developer platform mainly focused on bitcoin.

That venture, TBD is being led by Mike Brock, who heads the Strategic Development Group at Square’s payments service Cash App.

Fintech titan Square is also making a physical wallet for Bitcoin tied to its digital payment services to potentially allow even small vendors to easily switch on crypto-based payments.

The company is Dorsey’s follow up to Twitter, established in 2009 during the hiatus in between his two stints as the social media group’s chief executive.


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