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- Former Twitter CEO Jack Dorsey stated that Block is developing a mechanism to make Bitcoin mining more accessible.
- In addition, Square is collaborating with Blockstream to develop a 100 percent solar-powered bitcoin mining farm in the United States.
Former Twitter CEO Jack Dorsey said on Thursday that his fintech firm Block (previously known as Square) is developing a mechanism to make Bitcoin mining more accessible. Block is “officially constructing an open Bitcoin mining system,” according to the tech evangelist on Twitter.
This comes after Dorsey departed Twitter in December to focus on Block, a digital payment company, appointing Parag Agrawal as the company’s new CEO.
“If we do this, we’ll create in the open in partnership with the community,” Dorsey stated in a tweet. Square’s hardware head, Jesse Dorogusker, will investigate the necessities for Square to begin on a project to construct a bitcoin mining machine.
Dorsey’s enthusiasm for bitcoin
Dorsey’s enthusiasm for bitcoin is well known; the billionaire’s Twitter profile has only one word: “#bitcoin.” Dorsey recently stated that if he wasn’t working at Square and Twitter, he would be working on bitcoin.
Dorsey previously stated in October that Block is working on a bitcoin mining system built on bespoke silicon and open source for both people and companies. This would be in addition to Square’s other bitcoin-related efforts, which include a company developing an open developer platform and a bitcoin hardware wallet.
Square’s bitcoin hardware wallet will not be the company’s first cryptocurrency offering.
Square’s Cash App already allows users to purchase and trade bitcoin, and this revenue stream has proven to be profitable for the company. During the first quarter of this year, Square produced $3.51 billion in bitcoin sales and $75 million in bitcoin gross profit. Bitcoin is included on the company’s financial sheet.
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Furthermore, the corporation has organized a crypto council with other prominent companies in order to persuade lawmakers. In addition, Square is collaborating with Blockstream to develop a 100 percent solar-powered bitcoin mining farm in the United States.
Tidal, Square’s music streaming service, looks to be interested in the crypto arena as well. The company has stated that it may begin investigating non-fungible tokens (NFTs) as a new way to pay artists. Twitter, Square’s sibling firm, recently handed out 140 NFTs to random users.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
