Twitter creator to develop its own Bitcoin mining system

Jack Dorsey, the creator of the social network Twitter, plans to develop his own digital currency Bitcoin mining system.

What's known

The new hardware architecture and special open-source software will be developed not by Dorsey himself, but by Square, the company he founded. This is the approach it has taken since last summer in developing a hardware wallet for BTC.

Dorsey did not disclose details of how the new system will function. But he noted that the main goal of the project is to make mining more efficient. Square wants to make mining the major cryptocurrency accessible to more people.

However, Jack Dorsey named three key challenges that will prevent the company from realizing its vision. The first one is competent use of energy. The second one is the high complexity of the cryptocurrency mining systems. The third one is shortage of components and price increase due to the fact that only few companies are engaged in equipment development.

What about Bitcoin?

The exchange rate of the most expensive cryptocurrency failed to reach an all-time high last week. It crossed the $62,000 mark for the first time since spring . The maximum value of BTC during the last 24 hours is $62,614. At the time of writing, Bitcoin is worth $62,230. The digital currency will have to rise in price by about $2,700 to hit an all-time high ($64,863).

Source: Engadget