Oct. 18, 2021, 9:28 a.m. EDT

Square may build bitcoin mining system, CEO Jack Dorsey says

Square Inc. (NYS:SQ) is contemplating building a system for bitcoin (COINDESK:BTCUSD) mining, according to Chief Executive Jack Dorsey. The system would be open source and "based on custom silicon," Dorsey announced in a late Friday tweet. He argued that bitcoin mining needs to become more distributed, efficient, and accessible. "Bitcoin mining should be as easy as plugging a rig into a power source," he wrote. "There isn't enough incentive today for individuals to overcome the complexity of running a miner for themselves." Dorsey has long been interested in bitcoin and looked for tie-ins with Square's business. He introduced the ability for users of Square's Cash App mobile wallet to buy and sell bitcoin a few years back and announced in July that the company was working on an open-developer platform mainly focused on bitcoin. Square shares are off 0.6% in premarket trading Monday. They've gained 14% so far this year as the S&P 500 (S&P:SPX) has risen 19%.

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