Bitcoin breaks above $62,000 as Jack Dorsey announces plans to build a BTC mining system

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Jack Dorsey revealed that the fintech firm is looking to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses.

Bitcoin saw its price break above $62,000 once again after Twitter and Square Jack Dorsey revealed his plans to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey said in a tweet.

Bitcoin rose above $62,000 following Dorsey’s string of tweets.

The price of the leading cryptocurrency bitcoin rose above $62,000 following Dorsey’s string of tweets, as the world’s most popular cryptocurrency pushes toward its all-time high. Jack tweeted that the company is considering a “bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.” The tech entrepreneur’s goal would be to make crypto mining more accessible, much as Square’s original vision was to make it easier for small businesses and independent proprietors to take credit card payments.

Bitcoin mining should be “as easy as plugging a rig into a power source.”

According to Dorsey, the team, run by Jesse Dorogusker, who is the hardware lead at Square, will begin studying the technology necessary to take this project on. He wrote that bitcoin mining should be “as easy as plugging a rig into a power source.” Today, the bitcoin mining industry is dominated by large-scale players who can afford to buy tens of thousands of ASICs, the type of specialty gear used to mint new coin. Dorogusker said that Afshin Rezayee, the leader and architect of Square’s silicon team in Toronto since 2015, will lead the project, given silicon is at the core of this new initiative.

Source: coinnounce.com

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