Dorsey stirs Twitter storm with suggestions of a Square BTC mining system


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TL;DR Breakdown

  • Dorsey had tweeted about Square thinking about building its Bitcoin mining system. The system will serve individuals and enterprises too.
  • His comments have kicked up a Twitter storm. Some have lauded him for the move, while others have stated their reservations.

Square’s Jack Dorsey is in the eye of a Twitter storm. In a series of tweets, Dorsey had suggested that Square was considering developing a Bitcoin (BTC) mining system. 

In those tweets, Dorsey had stated that the system would be open source. It would also be custom Silicon and open to private users and businesses.Moreover, he stated the system’s pain points. 

For starters, it’d look to entrench decentralization as that is central to the network’s resilience.

Secondly, the system would consider clean and efficient mining. This consideration is key as it impacts BTC’s economy and scalability.

Further, Dorsey suggested that Square would address the cost of development. As such, the system he’s envisaging would strive to make mining cost-effective. Again, Square’s system would focus on achieving vertical integration.

Last was the question of access. Dorsey opines that mining needn’t be a complicated affair. As such, Square’s system would consider helping individuals simplify running a miner personally.

Dorsey had invited reactions 

At the end of his tweeting, Dorsey invited comments from his followers. He sought to know if the system would be a viable venture. Again he asked for their thoughts on what they’d want Square to include in it.

And the responses came in thick and fast. The tweets have split crypto lovers down the middle. While some agree with and even laud him for that move, others object strongly.

One Rick Allen agreed with Dorsey’s thoughts. He found the idea ‘great.’ Additionally, he suggested that the new system would help distribute BTC mining pools better. Such a distribution, he averred, would cushion them attacks exploiting their centrality.

But MAYA MOSS of Twitter handle @XMMCCCCLV wasn’t as impressed, though. To her, the project isn’t only a ‘monumental waste of time,’ but of resources too. She wondered who’d think of pursuing a Proof of Work (PoW) project in 2021. And sarcastically quipped that phone manufacturers could as well sell customers steam-powered chargers.

Her comments didn’t go down well with Dorsey’s supporters. A Twitter user, 4EverCloudy, reminded her that PoW couldn’t be dead when BTC was soaring. He reiterated that PoW was winning over Proof of Stake (PoS). That, despite the Elon Musk effect and PoS sustainability claims.

Triggy, another pro-Dorsey user, chimed in with the claims that PoW helps to monetize waste energy. He gave the example of El Salvador. Triggy holds that the country’s volcano-powered BTC mining exemplifies turning unused energy into money.

Dorsey’s longrunning BTC affair

A few neutrals like Richard Heart tacitly endorsed Jack’s plans. But he suggests a switch from PoW to PoS or its equivalent. He insists that the switch is environmentally conscious. Also, it’ll shore up BTC’s value.

Dorsey, who doubles up as Twitter’s chief executive, is an avowed crypto supporter. He’s tweeted about experimenting personally with BTC mining before.

Further, Jack has said that he doesn’t think there’s anything more important to work on than BTC. He insists that he’d dedicate his life’s work to BTC if it weren’t for his current work. Additionally, he believed the crypto could foster work peace.

Recently Twitter made strides in integrating cryptos on its platform. Its Bitcoin tipping feature will allow users to tip in the premier crypto. The feature runs on both android and iOS devices.

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Edith Muthoni

Edith is an investment writer, trader, and personal finance coach specializing in investments advice around the fintech niche. Her fields of expertise include stocks, cryptocurrencies, blockchain, and cryptocurrency investments.

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