Jack Dorsey, who left Twitter CEO and made a big impact in the crypto world, announced in October that the payment company Square, which he founded, is considering creating a Bitcoin mining facility to decentralize cryptocurrency mining worldwide.
Jack Dorsey stated in his tweet series that the mining facility they plan to establish will be designed with the open cooperation of the community. Because Dorsey thinks that mining is not accessible to everyone, but everyone should participate.
Square general manager Thomas Templeton shared the following on his Twitter account, giving detailed information about the Bitcoin mining facility:
“In October, we announced and decided that we are considering setting up a Bitcoin mining system in the open and with the community. Now we are putting this plan into action!”
Stating that they want to make Bitcoin mining more efficient in every aspect such as purchasing, installation and maintenance, Templeton stated that mining is far beyond producing a new Bitcoin.
Templeton also added that they see mining as a long-term need for a decentralized future.
Square’s founder and CEO, Jack Dorsey, confirmed Thomas Templeton’s post about Bitcoin mining. “We are officially establishing an open Bitcoin mining system” said.
We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48
— jack⚡️ (@jack) January 13, 2022
Considering that Bitcoin mining is monopolized by a handful of companies such as Bitmain, Bitfury and Canaan, Square looks like it will be a tight competitor in Bitcoin mining.
After Jack Dorsey left the Twitter CEO, he announced that he changed the name of Square, which he founded, to “Block”.
With its new name, Block’s CEO, Jack Dorsey, always says that he sees Bitcoin as the most important job of his life and will work to develop Bitcoin until the end of his life.
*Not investment advice.