October 19, 2021Blog Posts

Jack Dorsey says Square might get into bitcoin mining, sending the cryptocurrency surging

Fast Company

If you’re wondering why bitcoin surged over the weekend, you have one man and a tweet to thank—and no, it’s not Elon Musk. On Friday, Twitter founder and Square CEO Jack Dorsey tweeted that Square “is considering building a Bitcoin mining system” that would be open source and available to individuals and businesses.”

In other words, it was one of the most prominent tech CEOs alluding to the fact that he and his company see a bright future in bitcoin. And, as CNBC reports, bitcoin’s price surged after Dorsey’s tweet, topping out at over $62,500 per coin—almost a record high. As of the time of this writing, bitcoin is floating around $61,270, according to CoinDesk.

Dorsey followed up his tweet with some additional thoughts on bitcoin mining, saying that it needs to be more distributed, energy efficient, and accessible. And while Dorsey hasn’t committed to seeing the project through, he did announce that Square “will start the deep technical investigation required to take on this project.”

File:Square, Inc. logo.svg - Wikimedia Commons


Crypto. The buzzword you hear everywhere from the news to friends hyping it up. Has the craze gone mainstream and reached businesses?

Big names like Microsoft, AMC, Starbucks, and AT&T are in, but what do small businesses think? The Strawhecker Group (TSG) used new survey data from nearly 600 small businesses in the U.S. to illustrate their knowledge, attitudes, and acceptance of cryptocurrency.

Download the infographic
Payments professionals across the ecosystem will find this infographic to be a great resource as the market continues to evolve. Are you working with merchants on a crypto strategy?

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