Jack Dorsey’s Block Inc to Build Open Bitcoin Mining System

Jack Dorsey’s Block Inc to Build Open Bitcoin Mining System

  • Twitter founder Jack Dorsey’s payment company Block Inc is building an open Bitcoin mining system
  • This comes three months after Dorsey disclosed that the company was considering joining the bitcoin mining industry.
  • Block’s hardware general manager Tom Templeton has disclosed that the goal of the project is to make mining easier

Twitter and Block founder Jack Dorsey and the Block’s hardware general manager Tom Templeton discussed Block’s focus on Bitcoin mining last week.

Jack DorseyTempleton disclosed that the company is set to venture into Bitcoin mining by building an open mining system.

Block Inc

Templeton disclosed that the company’s goal is to make mining more efficient through maintenance and purchases.

A portion of his tweet reads:

“We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless,”

Templeton also stated that the company’s project plans to address issues such as mining rig availability, machine reliability, and performance.

Templeton further disclosed that Block Inc has evaluated a number of “IP blocks, open-source miner firmware, and other system software offerings.”

Read also: Cardano Jumps 10% as Twitter Users Predict Rise

Also, he noted that Block’s hardware team is building a squad of application-specific integrated circuit (ASIC) and software designers.

Data on January 16, 2022, shows there are only a few bitcoin mining rig manufacturers such as Bitmain, Ebang, and Canaan, which will serve as the Block’s competitors.

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