<span style="font-weight: 400">With the introduction of a Bitcoin ETF in the United States, the crypto business is becoming more fashionable than ever. Square, Jack Dorsey's payments firm, is looking into <a href="https://twitter.com/jack/status/1449110239442345995" target="_blank" rel="nofollow noopener">developing</a> a Bitcoin mining system that is "built on bespoke silicon and open source for people and companies globally."</span>
<h2><span style="font-weight: 400">Square, Jack Dorsey’s Firm to Develop a Bitcoin Mining System</span></h2>
<span style="font-weight: 400">Square, led by <a href="https://www.cryptoknowmics.com/news/jack-dorsey-is-planning-to-create-decentralized-bitcoin-exchange/">Jack Dorsey</a>, is looking at developing a bitcoin mining system. The firm appears to be testing the waters and has not yet made a formal decision. If they go through, it will be in classic Square form, with "open construction in partnership with the community."</span>

[embed]https://twitter.com/jack/status/1449110239442345995[/embed]

<span style="font-weight: 400">Bitcoin mining is the <a href="https://www.cryptoknowmics.com/news/how-to-get-started-with-bitcoin-mining/">process</a> of verifying blockchain transactions, protecting the network, and generating new currencies. </span>

<span style="font-weight: 400">Miners are rewarded in Bitcoin for solving difficult proof-of-work (PoW) math problems with the software. When they answer the problem, they add new blocks to the public record or blockchain.</span>
<h2><span style="font-weight: 400">Bitcoin &amp; Dorsey</span></h2>
<span style="font-weight: 400">Dorsey's other firm, Twitter, has also made gains towards Bitcoin acceptance. The social media powerhouse has incorporated Bitcoin payments into the Twitter iOS app and plans to integrate Android soon.</span>

<span style="font-weight: 400">Galaxy Digital CEO Mike Novogratz <a href="https://twitter.com/novogratz/status/1449120768990777350" target="_blank" rel="nofollow noopener">praised </a>Dorsey for continuing to invest in cryptocurrency when other internet behemoths, such as Facebook, have paused.</span>

[embed]https://twitter.com/novogratz/status/1449120768990777350[/embed]
<h2><span style="font-weight: 400">Square’s Stocks</span></h2>
<span style="font-weight: 400">Square shares were up slightly on the day and extended their gains in the after-hours market. The stock is up roughly 15% year to date.</span>

<span style="font-weight: 400">If Dorsey's firm follows through on the initiative, it appears that the hurdles to entry into Bitcoin mining for individuals will be reduced, possibly opening up another cash source for Square.</span>

<span style="font-weight: 400">Bitcoin transactions on Square's Cash App have been a source of revenue for the company. Square's bitcoin revenues reached $2.7 billion in the second quarter of 2021. </span>

<span style="font-weight: 400">The company's Bitcoin profit was $55 million, or 2% of revenue, since "they simply <a href="https://s27.q4cdn.com/311240100/files/doc_financials/2021/q2/2Q21-Square-Second-Quarter-Shareholder-Letter.pdf" target="_blank" rel="nofollow noopener">add </a>a tiny margin to the market cost of Bitcoin."</span>
<h2><span style="font-weight: 400">A BTC ETF Is On The Way</span></h2>
<span style="font-weight: 400">Dorsey's Bitcoin ambitions coincide with the launch of the first bitcoin futures ETF. The ProShares Bitcoin Strategy ETF, ticker BITO, may begin trading as soon as Monday. </span>

<span style="font-weight: 400">NYSE Arca approved the fund although, the US Securities and Exchange Commission had not approved it.</span>

<span style="font-weight: 400">A Bitcoin futures ETF is another step toward widespread crypto acceptance. </span>

<span style="font-weight: 400">According to reports, the Pro Shares ETF will have lower costs than Grayscale's high-profile Bitcoin trust. Grayscale is allegedly <a href="https://twitter.com/BTC_Archive/status/1449147623802347531" target="_blank" rel="nofollow noopener">preparing </a>to file for a Bitcoin spot market ETF.</span>

[embed]https://twitter.com/BTC_Archive/status/1449147623802347531[/embed]

Jack Dorsey’s Square is Curious About Bitcoin Mining

Jack Dorsey's Square is looking to develop a Bitcoin mining system that is "built on bespoke silicon and open source for people and companies globally."

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Jack Dorsey’s Square is Curious About Bitcoin Mining

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