Twitter CEO Jack Dorsey, a known Bitcoin buff is working on a new open-source crypto mining initiative to increase transparency about the energy-intensive process. Square, his financial services provider with a sizeable investment in Bitcoin is working on this new approach that might address some of the key problems critics normally associate with the network.
Jack Dorsey is currently one of the most high profile supporters of Bitcoin around the world. The social media innovator has been directly or indirectly involved in this sector for the last 5 years or so, often focusing on investments and making the network much more sustainable. Recently, he has even enabled a Bitcoin feature on the Twitter platform, allowing third parties to accept crypto donations through it. Dorsey also reportedly holds hundreds of millions of dollars worth of Bitcoin including some of them indirectly through Square’s investments. So, Dorsey’s involvement in the crypto sector is no joke and it is expected that he will come with more crypto features for the Twitterati and general users as well.
Dorsey, indirectly through square is now working on an open-source Bitcoin mining system. He hopes to improve Bitcoin’s accessibility and further decentralize the network as much as possible. In a series of tweets, Dorsey explained his vision of a collaborative approach to decentralize the mining aspect of the crypto.
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.
— jack⚡️ (@jack) October 15, 2021
Bitcoin is very decentralized in operations and transaction confirmation. No one can control the transactions or even censor them at will and that is a positive aspect. However, with the rise of big mining companies and pools, the hash rate is a totally different story. They are powerful entities who can influence the network indirectly and they have a lot of power. While it doesn’t exactly damage the decentralized capability of Bitcoin itself, it does give us food for thought on how this influence can be minimized.
The move is primarily aimed at ensuring everyone has access to mining resources and all information is open-source. Currently, mining companies keep it all secret including their technically researched recipes for profitability in an increasingly competitive space. With better access to information in an open-source manner, regular individuals and investors can get into the mining scene and break these powerful companies.
However, Dorsey’s plan is still in the early stages of development. It remains to be seen when it will become ready and whether or not it will be as effective as he claims.
Image Source: pixabay.com
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