Square, the Bitcoin payments 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 everyone. 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 for 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 defender 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 resilient alternative financial system.
Dorsey recalled that the current role of bitcoin miners is to confirm transactions that take place within the network and mine new bitcoins securely, without the intervention of trusted third parties. However, he stressed the importance of continuing to do so after the last BTC is mined, approximately in 120 years, in 2140. Ensuring decentralization today and in the years to come is crucial and indispensable to maintaining the network's resilience, immutability and security, he noted.
It may interest you: Bitcoin mining, an opportunity for the production of clean and renewable energy
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 is not far-fetched. silicon It is a metalloid chemical element that has photovoltaic properties, allowing sunlight to be transformed into electrical energy efficiently. In addition, it is the second most abundant element 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, nearly 90% of 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 more economically accessible to the masses, as well as more sustainable and environmentally friendly. For Dorsey, it is essential that Bitcoin mining becomes more efficient in the future.
“Moving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability”, he noted in his Twitter post, while indicating that the controversy surrounding the cryptocurrency's energy consumption has become an opportunity to explore new horizons. Likewise, Dorsey explained that, despite the advantages and potential of silicon, there are currently few companies dedicated to extracting this material, so its supply is limited.
The United States and Crypto Mining
Dorsey's idea to turn Square into one of the largest Bitcoin miners, through an affordable and environmentally friendly energy alternative, comes at a time when the United States has become the world leader in this activity. 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 the hash rate Bitcoin by the end of August, making it the country with the most bitcoin computing power on its territory.
The United States gained the No. 1 spot in Bitcoin mining as a result of the recent crackdowns imposed by the Chinese government on Bitcoin and the cryptocurrencies, , which includes mining and any other activity related to these digital assets. To date, the United States leads around 35,2% of the total power of the Bitcoin network globally.
Jesse Dorogusker will lead research to shape Square's new initiative, Dorsey said, closing 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 world's leading power, leads the Bitcoin hash rate
