Square chief executive Jack Dorsey says the payments firm is exploring the possibility of building a Bitcoin (BTC) mining system.
Dorsey tells his 5.7 million Twitter followers that if Square were to venture into Bitcoin mining, they plan to follow certain principles from their hardware wallet model.
“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.”
At this point, Dorsey says Square will conduct a “deep technical investigation” surrounding Bitcoin mining including its distribution, efficiency and design.