Jack Dorsey, the business’s founder, and CEO has announced that the company Block, once known as Square, intends to proceed with plans to construct a bitcoin mining system. “On Thursday, we officially announced the opening of an open bitcoin mining system,” Dorsey said in a Twitter message.
The business first revealed its interest in the project in October. The project’s objective is to make mining bitcoin, the world’s most valuable cryptocurrency, “more dispersed and efficient,” according to a tweet from Thomas Templeton, the company’s general manager of hardware.
Bitcoin is a proof of work (PoW) cryptocurrency, which means that miners compete to solve complicated puzzles to verify transactions. The method is not simple: it takes a significant amount of energy and computer processing capacity, which are not inexpensive: computers, as well as other equipment, maybe rather costly.
Templeton noted that Block aims to solve a variety of “consumer pain points” and “technical issues” in the mining business, including rig availability, cost, dependability, and power usage. “Once the mining rigs are found, they may be expensive, and the delivery may be inconsistent,” Templeton posted a tweet about it. “Our motive is to make something that just works, and can we simplify for this to become a reality?” he asked.
Block, according to Templeton, is putting up a hardware team made up of engineers and software designers to solve these problems. “Creating products is never a single endeavor,” he stated, adding that “current technological analysis is a vital element of our approach. “This news comes as no surprise. After all, it’s no secret that Dorsey is a bitcoin enthusiast and owner.
Before proposing in October that Block (then Square) construct a mining system, Dorsey said in August that he is “attempting” to mine bitcoin himself. “Not everybody has access to mining,” Dorsey said in an October tweet. According to Coin Metrics, bitcoin is presently selling at roughly $42,598.