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“Looking To Build A Bitcoin Mining System”: Square CEO Jack Dorsey

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On Friday, Bitcoin crossed $60,000 for the first time in six months

The fintech firm is looking to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses, Square Inc Chief Executive Officer Jack Dorsey said on Friday.

It will add to Square’s existing bitcoin-focused projects, including a business to build an open developer platform as well as a hardware wallet for the cryptocurrency.

“If we do this, we will follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey said in a tweet.

A team led by Square’s hardware lead, Jesse Doroguskar, will examine the things needed to take on the project to build a bitcoin mining system for Square.

In his Twitter thread, Dorsey also said that silicon design or chip design is too concentrated in some companies, leading to supply constraints. Shares of Square were up about one percent in extended trading.

On Friday, bitcoin topped $60,000 for the first time in six months since China crackdown on bitcoin trading and mining, as expectations rose that the U.S.

Regulators will allow a futures-based exchange-traded fund (ETF), a move that could open the way for wider investment in digital assets

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