Jack Dorsey Led Block Inc Announces Building Open Bitcoin Mining System
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- In order to verify transactions, Bitcoin uses a proof-of-work (PoW) architecture.
- Block is building a hardware and software team of engineers and designers.
As the newly renamed company tries to grow outside its payment industry and into new technologies like blockchain, Block Inc CEO Jack Dorsey said in a tweet on Thursday that the fintech firm is establishing an open bitcoin mining system.
According to Dorsey in October, Bitcoin mining systems based on custom silicon and open source may be built for people and corporations throughout the globe through Block, formerly Square. Thomas Templeton, Block’s general manager for hardware, outlined the company’s intentions for creating the mining equipment in a series of tweets on Thursday.
Templeton stated:
“We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. 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.”
Sophisticated Approach Towards Mining
In order to verify transactions, Bitcoin uses a proof-of-work (PoW) architecture, in which miners compete to solve hard puzzles. Much electricity and computing power are needed, which isn’t economical. Additionally, computers and other equipment might cost a lot of money.
According to Templeton, Block will address several “customer pain points” and “technical challenges” in the mining world, including mining rig availability, high price, and dependability.
Templeton stated that Block is building a hardware and software team of engineers and designers to answer these issues. In August, Dorsey indicated that he was “trying” to mine bitcoin personally before bringing up the notion of Block (then Square) setting up a mining system in October.
Cryptocurrency
