According to a recent announcement, Block CEO Jack Dorsey said that the company is working on developing a Bitcoin mining system that can be “open source” for individuals and businesses around the globe.
Part of the project will include the digital payments company making it easy for anyone to buy a Bitcoin mining machine.
This past October, Dorsey said that Block is considering developing a custom hardware-based mining system that takes an “open source” approach to development and shares it with the community.
“We are officially building an open Bitcoin mining system“. Jack Dorsey said on Twitter. Along with that was a series of tweets from others including Thomas Templeton – Block’s hardware director – to share detailed plans for this project.
The goal of the project is to make the mining of Bitcoin, the world’s largest digital currency by market capitalization, more efficient and more decentralized in as many ways as possible – including purchasing, Mr. Templeton said. selling, setting up and maintaining equipment.
“We care about this because mining goes far beyond creating new Bitcoins. We see it as a long-term need for a completely decentralized and permissionless future“.
The core job of the operator is to make transactions securely without the need for a third party, Dorsey said. He believes that the more decentralized this mining operation – which means fewer intermediaries – the more resilient and sustainable the Bitcoin network becomes.
Templeton listed a number of “customer’s difficult point” and the technical challenges in current mining rigs that Block is aiming to solve, such as high cost, energy consumption, and availability.
“For most people, it is difficult to find Bitcoin mining rigs. When you find them, they are also very expensive and the delivery is almost unpredictable.” Templeton said.How can we make it easy for anyone, anywhere, to buy a mining rig.”
Special computing devices are required to validate transactions during the creation of new Bitcoins, which are expensive and energy-intensive.
This move shows Block’s ambition to go beyond digital payments into cryptocurrencies, which has become more apparent since Jack Dorsey stepped down as Twitter CEO to focus on running the company. . Prior to that, Block – or Square before it – built a Bitcoin-related services business called TBD.
As reported by Fortune, Block is one of the major investors in Bitcoin with holdings of about 8,027 digital currencies. The Twitter co-founder himself is also a big supporter of cryptocurrencies, having said that there is nothing in the world more worthy of his work than it.
Reference BI
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