Square CEO wants to build open silicon mining system

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.