Sep 15 Reuters : Square Inc Chief Executive Jack Dorsey said that the fintech firm was looking to build a bitcoin mining system on open silicon and custom source for individuals as well as businesses.
This would add to Square's existing bitcoin-focused projects including a business to design an open developer platform as well as a hardware wallet for the cryptocurrency. https: reut.rs 3 plRcbh If we can do this, we'd follow our hardware wallet model: build the community in open collaboration with the community, Dorsey said in a tweet.
A team led by Jesse Dorogusker, the lead for Square Hardware, 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 climbed about 1% 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 U.S. regulators would allow a futures-based exchange-traded fund ETF, which is likely to open the way to wider investment in digital assets.