This website uses cookies: By continuing to browse this site you accept its Privacy Policy and Cookies.

I accept cookies

I refuse cookies

logo

News Detail

Home/Jack Dorsey's Block to build open bitcoin mining system
bitcoin-mining-system

Jack Dorsey's Block to build open bitcoin mining system

In October, Dorsey said that Block was considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide

Block founder and CEO Jack Dorsey has confirmed that the company, formerly known as Square, plans to move forward with plans to build a bitcoin mining system.

We’re officially building an open bitcoin mining system, Dorsey tweeted on Thursday.

In October, Dorsey said that Block, formerly Square, was considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.

The project’s goal is to make mining bitcoin, the largest cryptocurrency by market value, ‘more distributed and efficient,’ tweeted Thomas Templeton, the company’s general manager for hardware.

Bitcoin operates on a proof of work (PoW) model, where miners must compete to solve complex puzzles in order to validate transactions. The process isn’t easy: It requires a lot of energy and computer power, which isn’t cheap. The computers themselves, along with other equipment, can also be very expensive.

Templeton mentioned that there are a number of customer pain points and technical challenges in the mining community that Block hopes to address, including mining rig availability, high price, reliability and power consumption.

For most people, mining rigs are hard to find. Once you’ve managed to track them down, they’re expensive and delivery can be unpredictable, Templeton tweeted. How can we make it so that anyone, anywhere, can easily purchase a mining rig? he said. We want to build something that just works. What can we simplify to make this a reality?

Templeton said that Block is developing a hardware team of engineers and software designers to assess these questions. Developing products is never a solo journey, and evaluating existing tech is always part of our practice, he said.