(Reuters) -Square Inc Chief Executive Officer Jack Dorsey said on Friday the fintech firm is looking to build a bitcoin mining system based on custom silicon and open source for individuals as well as businesses.
“If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community,” Dorsey said in a tweet.
A team led by Square’s hardware lead, Jesse Dorogusker, will investigate requisites for Square to take on the project to build a bitcoin mining system.
Shares of Square were up about 1% in extended trading.
On Friday, bitcoin topped $60,000 for the first time in six months, since China’s crackdown on bitcoin trading and mining, as hopes grew that U.S. regulators would allow a futures-based exchange-traded fund (ETF), a move likely to open the path to wider investment in digital assets.
(Reporting by Chavi Mehta in Bengaluru; Editing by Shailesh Kuber)