Square, the Bitcoin payment and financial services company, will work on building a more decentralized and accessible Bitcoin mining system for everyone.
Jack Dorsey, CEO of Square, reported that the American financial services and digital payments company is devising a new system to make Bitcoin mining easier, decentralized and accessible to all. As he explained on his Twitter account, the social network of which he is also CEO, Square is thinking of building a new silicon-based Bitcoin mining system, which is customized and open source, to facilitate entry into this important activity through people and companies from all over the world.
“If we do this, we would continue our approach to the hardware wallet: building openly in collaboration with the community”Dorsey noted. For the CEO of Square and Twitter and also a developer and great supporter of Bitcoin, BTC mining must be more decentralized and distributed in the future, in order to ensure that Bitcoin continues to be a robust and resistant alternative financial system.
Dorsey recalled that the current function of bitcoin miners is to confirm the transactions that take place within the network and extract new bitcoins safely, without the intervention of trusted third parties. However, he stressed the importance of continuing to do so after the last BTC is mined, roughly 120 years from now, in 2140. Ensuring decentralization now and in future years is crucial and indispensable to maintaining resilience, immutability, and security. of the network, he noted.
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Silicon-based Bitcoin mining
Jack Dorsey’s proposal to build a new Bitcoin mining system is ambitious and will take some time to materialize, but it’s not far-fetched. The silicon It is a metalloid chemical element that has photovoltaic properties, allowing it to transform sunlight into electrical energy efficiently. In addition, it is the second most abundant element that exists in the earth’s crust, after oxygen.
Due to its semiconductor properties, silicon is considered the main raw material of the new energy model, based on the Green Revolution and the production of clean energy. In fact, about 90% of the solar cells and panels that exist throughout the world are made of silicon, explained the Professor of Electronics at the Complutense University of Madrid, Ignacio Mártil, in a publication in the newspaper Public.
Bitcoin mining based on this revolutionary chemical element will make it a more economically accessible activity for the masses, as well as a more sustainable and environmentally friendly one. For Dorsey, it is critical that Bitcoin mining be more efficient in the future.
“Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact and scalability”, he pointed out in his post on Twitter, while indicating that the controversy surrounding the energy expenditure of cryptocurrency has become an opportunity to explore new horizons. Likewise, Dorsey explained that, despite the advantages and potential of silicon, there are currently few companies that are dedicated to extracting this material, so their supply is limited.
United States and crypto mining
Dorsey’s idea of turning Square into one of the most important Bitcoin miners, through an accessible and environmentally friendly energy alternative, occurs at a time when the United States has become the world leader in this exercise. According to records from the Center for Alternative Finance at the University of Cambridge, the United States recorded a total of 42.6 exahashes per second (EH/s) of hash rate of Bitcoin by the end of August, becoming the country with the highest computing power of bitcoin in its territory.
The United States gained the No. 1 position in Bitcoin mining as a result of the recent crackdowns imposed by the Chinese government on Bitcoin and the cryptocurrencies, which include mining and any other activity related to these digital assets. To date, the United States leads about 35.2% of the total power of the Bitcoin network globally.
Jesse Dorogusker will lead the investigations to shape the new Square initiative, reported Dorsey, who closed his post by inviting the crypto community to give their ideas and opinions on this innovative project under construction.
Continue reading: The United States, the first power in the world, leads the hash rate of Bitcoin
