Square could introduce bitcoin mining for clients

Team Luno
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  • Square CEO Jack Dorsey has said his payments company could introduce a bitcoin mining arm.
  • In a Friday tweet, Dorsey announced his payments company is considering “a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.”
  • Should Square move into the bitcoin mining business, Dorsey said they will follow its hardware wallet model: “built in the open in collaboration with the community.”
  • Dorsey, also the founder of social media giant Twitter, said that mining needs to be more distributed, and that the more decentralised it is, the more resilient the bitcoin network will be.
  • “Mining isn’t accessible to everyone,” said Dorsey. “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.”
  • Tackling the the green question, Dorsey said clean and efficient use of energy is achievable:
  • “Energy is a system-level problem that requires innovation in silicon, software, and integration. What are the largest opportunities here?”
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Team Luno

On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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