Square CEO Jack Dorsey said on Friday that the fintech firm is seeking to build a Bitcoin mining system based on custom silicon and open source for individuals and businesses.
This will add to Square’s existing Bitcoin-focused projects, including the business of building an open developer platform, and hardware wallets for cryptocurrency. As of 12:22 PM IST on October 16, the price of Bitcoin in India was Rs. 48.25 lakhs.
“If we do this, we will follow our hardware wallet model: working with the community to build openness,” Dorsey said in a tweet. This will be completely open source, just like the Bitcoin hardware wallet previously announced by Square, which can be stored offline or online on a cryptocurrency exchange.
Dorsey also stated in his Twitter post that silicon design or chip design is too concentrated in a few companies, resulting in limited supply.
Square’s stock price rose about 1% in after-hours trading.
Last Friday, since China cracked down on Bitcoin trading and mining, Bitcoin exceeded $60,000 (approximately Rs 44.97 million) for the first time in six months, as people increasingly hope that U.S. regulators will allow futures-based exchange-traded funds ( ETF), this move may open the way for a wider range of digital asset investment.
News Source : Gadgets 360
