Jack Dorsey’s payments company is officially building an open bitcoin mining system

The basic idea behind Block Inc. is to provide miners with an open-source platform with quality system integration

19.01.2022 - 11:55

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2 min

What’s new? This week, Jack Dorsey and Block Inc.’s hardware general manager Tom Templeton discussed the company’s focus on bitcoin mining. Templeton explained that as recently as three months ago, Block’s representatives began to consider joining the cryptocurrency mining industry.

We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless.— Thomas Templeton (@TempletonThomas) January 13, 2022

What does Templeton say? According to him, the main goal is to make mining more distributed and efficient in every way, and that includes maintenance, purchase, and setting up equipment.

“We are interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless.”

What does Dorsey say? He noted that today’s mining rigs are unreliable, periodically fail and require regular reboots. The company plans to develop a product that “just works.” Block Inc.’s main idea is to provide miners with an open-source platform with quality system integration.

Block’s hardware development team forms a group of application-specific integrated circuits (ASICs) and software creators. Templeton noted that the company also hires electrical engineers, analog designers, and layout engineers.

Earlier was mentioned that Jack Dorsey helps to launch a new fund that will protect bitcoin developers from lawsuits.

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