Block says it’s officially building an open Bitcoin mining system – whatever that means
The company is trying to make bitcoin mining easier for anyone start.
A couple of months before Square changed its name to Block, the company’s founder, Jack Dorsey, teased that the company was considering building a bitcoin mining system that would be easy for just about anyone to use.
Dorsey has now confirmed that the company is officially building an open Bitcoin mining system.
The former CEO and founder of Twitter used the popular social platform to share the news of these plans earlier this week. Dorsey shared a thread from Thomas Templeton, a general manager for hardware at Block, that went into more detail about what the bitcoin mining system will look like.
“We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining,” says Templeton. “We see [mining] as a long-term need for a future that is fully decentralized and permissionless.”
Templeton went on to describe some of the biggest struggles when it comes to mining bitcoin, such as availability, reliability, and performance of mining rigs. Good mining rigs are hard to find and can be extremely expensive. And beyond that, they need constant care and tend to eat up a lot of power.
Block is looking to make something that addresses these concerns. “We want to build something that just works,” Templeton exclaims in his thread.
It’s no secret that Dorsey is a fan of bitcoin and blockchain, with the recent name change to Block likely being tied directly to the company’s shift towards blockchain ventures.
It will be interesting to see how the company’s vision for its new bitcoin mining system comes to life.
- Bitcoin mining uses 7 times more electricity than Google’s entire global operation
- Add Walmart to the list of places you can buy Bitcoin
- Jack Dorsey expresses mild Web3 cynicism, basically calling it a scam
- Jack Dorsey’s Square is building an actual hardware wallet for Bitcoin