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    Saturday, October 16, 2021

    Square CEO, Dorsey says Looking to Build a Bitcoin Mining System

    Square Chief Executive Officer Jack Dorsey said on Friday the fintech firm is looking to build a Bitcoin mining system based on custom silicon and open source for individuals as well as businesses.

    This would add to Square's existing Bitcoin-focused projects including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency.

    “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey said in a tweet. This will be completely open source like Square’s previously announced hardware wallet for Bitcoin, which can be stored offline or online at cryptocurrency exchanges.

    A team led by Square’s hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to build a Bitcoin mining system.

    In his Twitter thread, Dorsey also said that silicon design or chip design is too concentrated into a few companies, leading to supply constraints.

    Shares of Square were up about 1 percent in extended trading.

    On Friday, Bitcoin topped $60,000 for the first time in six months, since China's crackdown on Bitcoin trading and mining, as hopes grew that US regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.-Reuters

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