With his company Block, Jack Dorsey wants to make Bitcoin mining easier

Jack Dorsey, one of the biggest supporters of the Bitcoin, is not one to waste his time. Shortly after having left office CEO of Twitter, he announced a name change for his other company, of which he remains the boss: Square.

Known for its online payment system, Square became Block, in December 2021. This new name better reflects the company’s strategy, which focuses on the blockchain as well as the cryptocurrencies.

Jack Dorsey wants Bitcoin mining to be easier, more profitable, and accessible to everyone

And among Block’s projects is the creation of a new mining system for Bitcoin. Well before the name change, in October, Jack Dorsey had already mentioned the company’s intention to launch this system.

“Square plans to build a custom, open-source silicon-based Bitcoin mining system for individuals and businesses around the world”, had written the boss of Block (formerly Square) and former CEO of Twitter.

The goal: to make mining more distributed, more profitable, and to facilitate access to hardware. Furthermore, Jack Dorsey believes that mining should be as easy as plugging a PC into an electrical outlet.

“There are not enough incentives today for individuals to overcome the complexity of managing a minor for themselves”, also explained Jack Dorsey.

Serious things begin

After this first announcement in October, Block decided to formalize its plans a few days ago. “We are officially building an open bitcoin mining system”, reads a new post from the CEO.

For his part, Thomas Templeton, general manager of equipment, talks about the tracks on which his team will work.

“We want to make mining more distributed and efficient in every way, from buying and setting up, to maintaining and operating. We are interested because mining goes far beyond the creation of new bitcoins. We see this as a long-term need for a fully decentralized, permissionless future.”, explains the manager.

Block will thus look into the problems of availability of the equipment necessary for mining bitcoin, as well as the problems of reliability and performance of mining equipment.

For the moment, the company does not give a timetable. But given Jack Dorsey’s interest in crypto and blockchain, we can assume that this mining system will be among Block’s priority projects.




Source by [author_name]

Related Stories

spot_img

Discover

Popular Categories

Comments

LEAVE A REPLY

Please enter your comment!
Please enter your name here