Over the weekend, Jack Dorsey announced that Square (SQ) is considering entering the Bitcoin mining industry in an environmentally friendly way through the creation of a “Bitcoin mining system based on custom silicon.” This silicon would make the mining operation more energy efficient and less harmful to the environment than traditional Bitcoin mining operations.
A longtime vocal supporter of Bitcoin (ah, we see the company's interest in the coin, then), Dorsey also wants the mining system to be “open source for individuals and businesses worldwide” in order for it to be as accessible and decentralized as possible. According to Dorsey, “the more decentralized this is, the more resilient the Bitcoin network becomes” — we sense a Katniss Everdeen strategy here.
Why it matters
One of the biggest criticisms against Bitcoin as of late is the impact mining has on the environment (remember Elon's tweet?). Jack Dorsey believes that mining via "clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability" and we can't wait to see ESG take influence over the crypto world!
