Note that Dorsey has indeed long declared his support for the cryptocurrency industry in general and Bitcoin in particular. Mining has also not escaped the entrepreneur's attention. In particular, back in mid-August 2021, Jack announced that he was mining BTC using Compass Mining services. As a reminder, the company accepts payments from users, after which it places ASIC miners on its premises and maintains the equipment for a certain percentage. Accordingly, users receive the mined BTC mined, minus expenses, without any contact with the equipment.

By the way, at the end of the summer JPMorgan bank blocked the account of this company. Read more about this story in a separate article.


Accordingly, Dorsey had been interested in the topic of cryptocurrency mining before, and now he has come forward to get in touch with the niche in more detail.

What Bitcoins are mined on

Dorsey shared the news on his Twitter account. Here’s the entrepreneur’s rejoinder, in which he voiced the new idea.

Square is considering creating a Bitcoin mining system on its own hardware with open source software for individual miners and organisations. If we do do this, we will follow our hardware wallet model: create open products in collaboration with the community.

From this quote, we can conclude that the realisation of this idea is still in doubt. However, it has already emerged, so the likelihood of creating ASIC miners from Twitter's head company is still there.

Twitter creator Jack Dorsey

Dorsey would like to achieve greater decentralisation of the Bitcoin network. In order to do that, we need to turn mining into a mass phenomenon with a relatively low entry threshold. That’s why Jack is interested in creating a new line of mining devices. In addition, Dorsey has emphasised the too high power consumption of miners – a problem he also hopes to address.

Dorsey continues.

The pursuit of clean and efficient energy use is important to Bitcoin’s economy, impact and scalability. Energy is a system-level problem that requires innovation in chips, software and integration.

And so Square's possible product will clearly emphasise the use of renewable energy. How exactly this will be done is unknown. Perhaps solar power will be used to power the miners, among other things. Although the prospects of such a scenario are a bit dubious: at least because of the amount of electricity needed to mine BTC.

Bitcoin mining

Production of chips for mining is “concentrated in the hands of a few companies,” Dorsey said. This situation is not conducive to decentralisation and only increases the dependence of the major cryptocurrency’s network on the big players.

Mining is not available to everyone. Bitcoin mining should be as simple as connecting equipment to a power source. Today, people don’t have enough incentive to overcome the complexity of running a crypto-farm on their own.


To be fair, anyone can mine BTC using mining pools, pooling their power with other miners. However, the profitability from a single device, due to too high network complexity - i.e. inherently the activity of other miners - will be small. Additionally ASIC miners are very noisy and produce a lot of heat. Due to that it is not convenient to use such devices at home. That's why ASICs are really bought by big players who are able to provide the infrastructure and performance of the devices.


Jesse Dorogusker, who leads hardware development at Square, the streaming music service TIDAL and is a former Apple engineer, will lead a team that will begin the “deep technical investigation required to bring this project to fruition”. Dorsey made the announcement again on Twitter. According to Decrypt reporters, the team for the new line of ASIC miners is already moving into an active phase of action, meaning we’ll hear more news about the newly minted line of hardware in the near future.

ASIC miner


We believe that Jack Dorsey's initiative will benefit the cryptocurrency industry in any case. This means that Bitcoin enthusiasts will have more choice in terms of mining equipment, and the network itself will be more decentralized. Hopefully, the idea will come to fruition after all.


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