US-based financial service provider Square is reportedly aiming to initiate conducting research into technical requirements for designing an open-source Bitcoin (BTC) mining solution. 

Specifically, Head of Square – Jack Dorsey – reportedly took to Twitter to offer additional explanations into his desire to adopt a collaborative approach in further decentralizing Bitcoin mining. 

“Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. The more decentralized this is, the more resilient the Bitcoin network becomes.”

Dorsey reportedly revealed a belief that further decentralizing the Bitcoin network plays a crucial role in settling the transactions “well after the last bitcoin is mined” in a secured manner. 

Additionally, Square’s system reportedly has a goal of providing energy-efficient mining solutions by innovation in silicon, software, and integration.

Jesse Dorogusker, Square’s hardware lead – the individual who assisted in rolling out Square’s hardware wallet and custody service – will reportedly be in charge of the project. Per Dorsey, the firm will design the mining system following a similar collaborative approach utilized to build its “assisted custody” BTC hardware wallet.

The announcement further mentioned challenges associated with silicon shortage and vertical integration which the initiative needs to deal with, so as to achieve the desired success. 

“Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.” Dorsey remarked, regarding the intention to create a single system capable of enhancing accessibility to Bitcoin mining.