According to Thomas Templeton, Block’s managing partner for hardware, Block, previously known as payments startup Square, is moving forward with its intention to construct an open-source cryptocurrency mining machine.
In a tweet on 13 January, Jack Dorsey, the CEO of Block, a U.S. banking services & digital payments company, announced that the company is working on an open cryptocurrency mining system as part of its efforts to expand its business outside payments and then into new technologies like blockchain
Change In The Plan
Dorsey said in October of last year that Block, then called Square, was looking into establishing a bitcoin mining platform for users. “Square is exploring constructing a Bitcoin mining network for consumers and companies throughout the world based on bespoke silicon and open source,” he tweeted. If we do this, we’ll construct it in the open, in conjunction with the community, as we did with our hardware wallet. First, a few ideas and inquiries.”
On Twitter, Block creator Jack Dorsey stated that the business is working on an accessible bitcoin mining technology. Even before the company relaunched itself, Dorsey said in October that last year the digital payments service, then branded as Square, was exploring collaborating on the project. The square company was renamed Block to connect its products together and better symbolise its future in cryptocurrencies & blockchain technology, as you may recall.
Templeton Thomas, Block’s general manager for technology, has now disclosed further information about the company’s earliest conversations about the project. Block wants to “make mining more dispersed and efficient in every manner, from purchase, to set up, to upkeep, to mining,” according to Thomas on Twitter. As a result, Block has highlighted the process’s pain areas and technological hurdles, beginning with rig availability, which is difficult to come by and expensive. To achieve its goal, Block needs to come up with some way to increase accessibility.
The business also intends to create a dependable solution that overcomes the common concerns with thermal transfer and dust in current rigs. Furthermore, Block is attempting to strike the perfect balance between efficiency and other criteria, such as ensuring that the rig is effective while consuming little power. Block is also considering which partners to pursue for the project, according to Thomas, and has already begun putting together a core technical team to work on solutions and provide answers to all of the company’s issues. Dorsey is a huge supporter of cryptocurrencies and has even stated that he believes cryptocurrency will one day replace the dollar. Block has made a significant investment in cryptocurrencies, apparently holding 8,027 bitcoins worth roughly US$338 million at the time of writing.