BlockchainThe 5 Bitcoin Mining Problems that need to be...

The 5 Bitcoin Mining Problems that need to be Solved: Jack Dorsey

Definitely, the founder of Twitter, Jack Dorsey, is increasingly involved in the cryptosphere, and in Bitcoin (BTC) in particular. After the announcement of the development of a Bitcoin hardware wallet last June, Square is about to manufacture machines specialized in BTC mining.

A new generation of ASICs to mine bitcoins?

Jack Dorsey , the CEO of Twitter and Square, likes to surprise his world and does not hesitate to make shattering announcements also on the side of the crypto community.

The most recent was published via a series of tweets, where the founder of the blue bird social network explains that his teams are thinking about the design of a whole new type of ASIC . ASICs are computer machines equipped with electronic chips specialized in a given task. In this case, it is bitcoin mining via its Proof of Work (PoW) consensus.

Mining issues will be resolved soon?

The leader of Square explains that he has detected 5 major problems in the current situation of bitcoin mining and wishes to provide answers with his new machines.

First point: BTC mining  “must be more distributed” , according to Jack Dorsey, because he recalls that the more decentralized the Bitcoin network , the more it will be resilient to attacks and censorship.

Second point: mining must be “more efficient” , in order to require the minimum of electrical energy . This will require innovations in the fields of silicon chips and dedicated mining software.

Third point: the CEO of Square considers that the design of silicon chips “is too concentrated” in the hands of a few companies. This limits supply and makes these microchips very expensive , creating more such companies would help resolve this monopoly situation.

Fourth point: vertical integration would no longer be “sufficiently taken into account” . All design of new ASICs – from hardware and software to production and distribution – should be geared towards delivery to an end customer , rather than improving one technology at a time.

Finally, the last (most important) problem noted by Jack Dorsey is that mining [bitcoins] is not accessible to everyone” . From his point of view, this requires not only to simplify this access, but also to improve the incentive to participate in this vital consensus for the network.

The onerous task of solving all of this will rest on the shoulders of the engineering team of Jesse Dorogusker, who is in charge of hardware development at Square. Remember also that Jack Dorsey’s other company is not idle with Bitcoin, since Twitter has announced the payments in BTC to its new tip system “Tips”.

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