Jack Dorsey Says Square Is Looking to Build a Bitcoin Mining System

Square's existing bitcoin-focused projects include a business to build an open developer platform and a hardware wallet for the crypto.

Advertisement
By Reuters | Updated: 16 October 2021 12:42 IST
Highlights
  • Square has a project for developing hardware wallet for cryptocurrency
  • Shares of Square were up about 1 percent in extended trading
  • On Friday, Bitcoin topped $60,000 (roughly Rs. 44.97 lakhs)

Jack Dorsey said that silicon design or chip design is too concentrated into a few companies

Square Chief Executive Officer Jack Dorsey said on Friday the fintech firm is looking to build a Bitcoin mining system based on custom silicon and open source for individuals as well as businesses.

This would add to Square's existing Bitcoin-focused projects including a business to build an open developer platform, as well as a hardware wallet for the cryptocurrency. Bitcoin price in India as of October 16 at 12:22pm IST was Rs. 48.25 lakhs.

"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. This will be completely open source like Square's previously announced hardware wallet for Bitcoin, which can be stored offline or online at cryptocurrency exchanges.

Advertisement

A team led by Square's hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to build a Bitcoin mining system.

Advertisement

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 were up about 1 percent in extended trading.

Advertisement

On Friday, Bitcoin topped $60,000 (roughly Rs. 44.97 lakhs) for the first time in six months, since China's crackdown on Bitcoin trading and mining, as hopes grew that US regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.

© Thomson Reuters 2021


Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.
Cryptocurrency is an unregulated digital currency, not a legal tender and subject to market risks. The information provided in the article is not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast or any other information contained in the article.
Affiliate links may be automatically generated - see our ethics statement for details.
 

Also seeCryptocurrency Prices across Indian exchanges

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Advertisement

Related Stories

Popular Mobile Brands
  1. Best Diwali 2025 Wishes, Quotes, and Facebook Statuses to Share
  2. Madam Sengupta Is Now Streaming: Know Where to Watch This Bangla Crime Thriller
  1. Mysterious Asteroid Impact Found in Australia, But the Crater is Missing
  2. Thanal Comes to OTT: Everything You Need to Know About This Tamil Action Thriller
  3. Madam Sengupta Is Now Streaming: Know Where to Watch This Bangla Crime Thriller
  4. Ryugu Samples Reveal Ancient Water Flow on Asteroid for a Billion Years
  5. Scientists Create Most Detailed Radio Map of Early Universe Using MWA
  6. Mayor of Kingstown Season 4 OTT Release: Know When, Where to Watch Jeremy Renner's Crime Drama
  7. Our Fault Is Streaming Now: Know All About This Gabriel Guevara and Nicole Wallace Starrer
  8. The Conjuring: Last Rites Is Now Streaming Online: Know Where to Watch the Latest Installment from the Horror Franchise
  9. Delhi Crime Season 3 OTT Release: Know When to Watch This Shefali Shah Thriller Series
  10. Vast Space to Launch Haven-1, the World’s First Private Space Station in 2026
Gadgets 360 is available in
Download Our Apps
Available in Hindi
© Copyright Red Pixels Ventures Limited 2025. All rights reserved.