Square CEO Dorsey says he is considering building a Bitcoin mining system

Beijing time, October 18th morning news, Jack Dorsey, CEO of US mobile payment company Square, said last Friday that the financial technology company is seeking to build a bitcoin mining system based on custom silicon and open source for individuals and enterprises.

This would add to Square’s existing bitcoin projects, including its business of building an open developer platform, as well as hardware wallets for cryptocurrencies.

“If we do this, we’ll follow the hardware wallet model: build in the wild, work with the community,” Dorsey said on Twitter.

The team, led by Square’s head of hardware Jesse Dorogusker, will investigate what is necessary for Square to develop a bitcoin mining system.

Dorsey also tweeted that silicon design, or chip design, is too concentrated in a few companies, which is leading to supply constraints.

Square shares rose about 1% in after-hours trading.