Dorsey, co-founder of Twitter and fintech firm Square, sits for a portrait during an interview with Reuters in London.
Reuters - Square Inc Chief Executive Officer Jack Dorsey said on Friday the Fintech firm is looking to build a bitcoin mining system with open silicon and custom software for individuals as well as businesses.
This would add to Square's existing crypto-focused projects which include a business to create an open developer platform, as well as a secure and secure wallet for the cryptocurrency. https: reut.rs 3 plRcbh If we did this, we'd walk around our hardware wallet model to build in the open in collaboration with the community, Dorsey said in a tweet.
A team led by Square Hardware Lead, Jesse Dorogusker, will investigate the 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 are too concentrated into a few companies, leading to supply constraints.
Shares of Square were up about 1% in extended trading.
On Friday, bitcoin topped $60,000 for the first time since China's crackdown on bitcoin mining as hopes grew that the U.S. regulators would allow a futures-based exchange-traded fund ETF a move likely to open the path to wider investment in digital assets.