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HomeAll NewsMost read newsBusiness Leaders Biography
Birthday : 11/19/1976
Place of birth : United States
Linked companies : Square, Inc. - Twitter, Inc.
Biography : Jack Dorsey founded Square, Inc. and Twitter, Inc. Presently, Mr. Dorsey occupies the position of Chairman, President & Chief Executive Officer at Square, Inc. and Chief Executive Officer & Director at Twitter, Inc. Mr. Dorsey is also on the board of Thing Daemon, Inc.

Square CEO Dorsey says looking to build a bitcoin mining system - tweet

10/15/2021 | 05:08pm EST
Dorsey, co-founder of Twitter and fin-tech firm Square, sits for a portrait during an interview with Reuters in London

(Reuters) -Square Inc 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. https://reut.rs/3plRcbh

"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.

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.

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% in extended trading.

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

(Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)


© Reuters 2021