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

Jack Dorsey’s Block, formerly known as Square, is actively pursuing plans to build an open Bitcoin mining system. The news was first tweeted by Thomas Templeton, general manager of hardware, which was later confirmed by Dorsey on Twitter.

Jack Dorsey’s Block is Building an Open Bitcoin Mining System

In a full Twitter thread, Thomas Templeton explained the company’s plan to build an open Bitcoin mining system.

According to Templeton, the emphasis will be on creating new Bitcoin by solving increasingly complex computational problems in a “distributed and efficient manner.” He later added that the company is seeing this project as a long-term necessity for a future that will be “decentralized and permissionless.”

Dorsey reiterated a yesa thousand sentiments earlier when he first shared the idea of ​​exploring Bitcoin mining back in October.

“The more decentralized this is, the more resilient the Bitcoin network becomes,” Dorsey previously stated.

Speaking about the teething problems the company might face during the process, Templeton explained that since mining rigs are expensive and “go down every day,” the company is also exploring ways to build its mining ASIC machine for further simplify the process.

“Developing products is never a solo journey, and evaluating existing technology is always part of our practice. For this project, we started with the evaluation of various IP blocks (as we are open to creating a new ASIC), open source mining firmware, and other system software offerings,” added Templeton.

The final tweets indicated that the company is now officially assembling a new team of hardware professionals, including systems engineering teams, ASICs, and software designers that will be led by Afsheen Rezayee, Bitcoin mining lead at The Block.

In October, Dorsey took to Twitter to share his thoughts in building an open source, custom silicon-based mining system for people and businesses around the world. The news comes as no surprise as the former Twitter CEO is known to be a firm cryptocurrency advocate and has spoken several times in favor of bitcoin and cryptocurrencies.

Posted in: Bitcoin, Mining

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Source: https://cryptoslate.com/jack-dorseys-block-to-build-an-open-bitcoin-mining-system/

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