Block founder and CEO Jack Dorsey has revealed that the business, which was previously known as Square, intends to press through with plans to establish a bitcoin mining infrastructure.
On Thursday, Dorsey tweeted, “We’re officially developing an open bitcoin mining infrastructure.” In October, the business revealed that it was contemplating the idea.
The project’s purpose is to make bitcoin minable, the world’s most valuable cryptocurrency, “more dispersed and efficient,” according to Thomas Templeton, the company’s general manager for hardware.
Templeton announced the news by re-tweeting the previous Tweet of Dorsey mentioning the same.
Bitcoin uses a proof-of-work (PoW) system, in which miners compete to solve complicated puzzles in order to validate transactions. The procedure is not simple: it takes a significant amount of energy and computer processing capacity, both of which are not inexpensive. The computers themselves, as well as other equipment, can be rather costly.
Block’s Strategy To Make Bitcoin Mining Accessible To All
Block intends to solve a variety of “consumer pain points” and “technical issues” in the mining world, including mining rig availability, high price, dependability, and power consumption, according to Templeton.
“Mining rigs are difficult to come by for most individuals. “Once you’ve found them, they’re pricey, and delivery might be unexpected,” Templeton said on Twitter. “How can we make it such that anyone, wherever, can buy a mining machine easily?” he wondered. “We want to create something that is simple to use.” “How can we make this a reality by simplifying things?”
Block is forming a hardware team of engineers and software designers, according to Templeton, to answer these issues. He explained, “Developing things is never a lonely path, and analysing current technology is always part of our process.”
This news comes as no surprise. After all, it’s no secret that Dorsey is a bitcoin enthusiast and owner.
Dorsey revealed in August that he’s “trying” to mine bitcoin personally, then floating the notion of Block (then Square) developing a mining infrastructure in October.
In October, Dorsey tweeted, “Mining isn’t accessible to everyone.” “Mining bitcoins should be as simple as putting a computer into a power outlet.”
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