Jack Dorsey-owned digital payments company Square is studying the possibility of developing cryptocurrency mining ASIC devices.
As gleaned from a Twitter thread last October 15, Square intends to dive into Bitcoin mining.
Dorsey, in addition to promising to "build in the open," has highlighted the need for greater accessibility and decentralization of BTC mining. The exaggerated role of major mining pools and, in particular, geographic concentration has been a long-standing criticism of the Bitcoin network.
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The largest manufacturers of ASIC miners are Chinese companies, notably Bitmain and Canaan. However, Xi Jinping's government has recently launched a crackdown on the domestic crypto industry, resulting in the United States taking the top spot in Bitcoin mining for the first time in years.
The rise of the US market and continued delays in orders for imported mining devices could spark increased interest from US companies such as Square.