Square signals Toronto-based executive will lead push into bitcoin mining

Bitcoin mining is becoming more sophisticated over time, making it harder for people to participate.

Square Inc. Chief Executive Jack Dorsey stated that Square is looking at entering the bitcoin mining market and that Square will likely be led by one of its Toronto-based executives.

Bitcoin mining is the process of using high-powered computers to solve complicated mathematical problems. This results in the creation and support for existing bitcoin networks.

According to a thread that he posted last week on Twitter, Dorsey wants to decentralize this process using a new customsilicon, open source model that individuals could use. (Dorsey also serves as the chief executive at Twitter Inc.

Jesse Dorogusker (hardware lead at Square), then announced that Afshin Rezayee will be leading the project. The project is heavily dependent on the creation of silicon chips to power the rigs.

Rezayee was a senior executive and researcher in a variety of technology companies before he joined Square in 2015. In 2015, Square acquired Kili Technology Corporation. Kili was a specialist in silicon, electronics, and software for payment processing.

Thomas Templeton, an Apple Inc. veteran who was previously responsible for building Square’s bitcoin wallet, will help the new team. He will also be accepting applications to new positions.

Dorogusker’s technical team will conduct an investigation to determine the best course of action.

Dorogusker stated in a tweet that he would incubate the Bitcoin Mining System Project within Square’s hardware team. He said, “We will start with architecture, design and prototyping more efficient silicon hashing algorithms and power architectures.”

After China’s crackdown against cryptocurrencies in June, Canada and the U.S. are seeing a greater share of global Bitcoin mining operations. According to the Cambridge Center for Alternative Finance, the U.S. has become the biggest contributor to the global Bitcoin hash rate (the network’s overall processing power), while Canada is fourth.

Bitcoin mining is becoming more sophisticated over time, making it harder for people to participate.

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