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· Posted on
October 20, 2021

Square - aka Afterpay's new step-daddy - wants to get into bitcoin mining

Jack Dorsey is the CEO of Twitter and Square...and he reckons bitcoin could solve world peace.

What's the key learning?

Background: Jack Dorsey is the CEO of Twitter and Square. And he's Afterpay's step-dad, after Square bought the Aussie BNPL in a $39 billion deal earlier this year. 

What happened: Dorsey is a massive fan of bitcoin. He even reckons it could solve world peace. Back in 2020, Square bought US$50 million worth of bitcoin...and they backed it up with a further US$170 million in 2021.

What else: Now, Dorsey's announced Square is looking at getting into bitcoin mining. He wants to build an open source mining system - aka, one that's available to the public - to make mining accessible to everyone.

So what's the key learning?

💡There are over 250,000 bitcoin transactions per day. That means there's a whooole lotta transactions that need to be verified. Bitcoin miners verify bitcoin transactions to ensure each transaction is legitimate. 

💡 Once the transaction is verified, the miners get a bit of bitcoin as a thankyou-for-your-brains-and-computing-power. There are around 2.5 million bitcoins left to be "mined". 

💡 But here's the thing: Miners use high-powered computers - not your average Apple mac. And not everyone can afford the kind of tech that's required to mine. But Square reckons by making mining accessible...bitcoin can become an even stronger currency.

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