Square CEO wants to build open silicon mining system

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

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

Is this the same architecture as GitHub? If done then we'd adopt hardware wallet model: build in open in collaboration with the community, Dorsey said in a tweet.

A team led by Jesse Dorogusker, the Square hardware lead, will investigate prerequisites for Square to take on the project of building a Bitcoin mining system.

In his Twitter thread, Dorsey also said that silicon design or chip design are too focused on a few companies, leading to supply constraints. Shares of Square were up about one per cent in extended trading.

regulators would allow a futures-based exchange traded fund ETF, a move likely to open the path for larger investment in digital assets.