American financial service provider Square will soon begin investigating technical requirements for building an open-source Bitcoin (BTC) mining system, according to CEO Jack Dorsey.

Dorsey shared a series of tweets explaining his intent to follow a collaborative approach in further decentralizing Bitcoin mining. He said:

"Square is because building a Bitcoin mining organization 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 believes that further decentralizing the Bitcoin network will be critical for deeply settling the transactions "well after the last bitcoin is mined." Moreover, Foursquare'south organization aims to deliver energy-efficient mining solutions by innovation in silicon, software and integration.

The initiative volition be led past Jesse Dorogusker, Square's hardware lead, who previously helped launch Square's hardware wallet and custody service. According to Dorsey, the company will build the mining system following a similar collaborative approach that was used to develop its "assisted custody" BTC hardware wallet.

The announcement also called out issues related to silicon shortage and vertical integration that the project volition have to overcome in gild to go successful. Dorsey further shared the intent to build a single organization that can amend accessibility to Bitcoin mining:

"Mining isn't accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. In that location isn't enough incentive today for individuals to overcome the complication of running a miner for themselves."

Related: Twitter launches crypto tipping for all users

Dorsey belongs to a group of American billionaires that support the Bitcoin community through various business organisation initiatives, with the latest beingness the launch of a cryptocurrency-based tipping service on Twitter.

The rollout of Twitter's crypto tipping jar allows users of the social media platform to link third-party apps such as Cash App and Venmo to receive funds from other members of the platform.

Co-ordinate to Twitter staff product manager Esther Crawford, the new feature provides access to pathways to get paid:

"Digital currencies that encourage more people to participate in the economy and aid people send each other money across borders and with equally little friction as possible — help united states of america get in that location."