If you’re wondering why bitcoin surged over the weekend, you have one man and a tweet to thank—and no, it’s not Elon Musk. On Friday, Twitter founder and Square CEO Jack Dorsey tweeted that Square “is considering building a Bitcoin mining system” that would be open source and available to individuals and businesses.”
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. First some thoughts and questions.
— jack (@jack) October 15, 2021
In other words, it was one of the most prominent tech CEOs alluding to the fact that he and his company see a bright future in bitcoin. And, as CNBC reports, bitcoin’s price surged after Dorsey’s tweet, topping out at over $62,500 per coin—almost a record high. As of the time of this writing, bitcoin is floating around $61,270, according to CoinDesk.
Dorsey followed up his tweet with some additional thoughts on bitcoin mining, saying that it needs to be more distributed, energy efficient, and accessible. And while Dorsey hasn’t committed to seeing the project through, he did announce that Square “will start the deep technical investigation required to take on this project.”
Our team led by @jessedorogusker will start the deep technical investigation required to take on this project. We’d love your thoughts, ideas, concerns, and collaboration. Should we do this? Why or why not? We’ll update this thread as we make our decisions. And now over to Jesse.
— jack (@jack) October 15, 2021