Tech

Block is officially building an ‘open Bitcoin mining system’, says founder Jack Dorsey

Block founder Jack Dorsey announced on Twitter that the company is officially building an open bitcoin mining system. Dorsey first announcement in October of last year that the digital payments provider, then known as Square, was considering working on the project even before renaming itself. If you remember correctly, Square changed its name to Block to tie together its services and better represent the future of its business in cryptocurrency and blockchain technologies.

Now, Block’s general manager for hardware, Templeton Thomas, has revealed more details about the company’s initial discussions regarding the project. On Twitter, Thomas said Block aims to “make mining more distributed and efficient in everything from purchasing to setup, maintenance and mining.” As such, Block identified weaknesses and technical challenges in the process, starting with uptime, as platforms are hard to find and expensive. Block must find a way to make them more accessible in order to achieve his goal.

The company also wants to build a reliable system that solves the problems common to today’s platforms when it comes to heat and dust dissipation. Additionally, Block seeks to strike the right balance between performance and other factors, such as ensuring that the platform is efficient while having low power consumption. Thomas said Block was also thinking about which partners to consider for the project and had already started putting together a core engineering team to work on solutions and answer all of their questions.

Dorsey is a big supporter of cryptocurrency and even once noted that he thinks bitcoin will one day replace the dollar. Block had invested heavily in cryptocurrency and would have holds 8,027 bitcoins, or approximately US $ 338 million, based on current value.

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