Block Founder Jack Dorsey announced on Twitter that the company is officially building an open bitcoin mining system. First Dorsey announced in October last year, the digital payments provider, then known as Square, was considering working on the project even before it rebranded. If you recall, Square has changed Name Block to tie its services together and to better represent the future of its business with cryptocurrency and blockchain technology.
Now, Block’s General Manager of Hardware, Templeton Thomas, has revealed more details about the company’s initial discussions regarding the project. On Twitter, Thomas said that Block aims to “make mining more decentralized and efficient in every way, from acquisition, setup, maintenance, and mining.” As a result, Block identified the technical difficulties and challenges of this process, starting with availability, as rigs are difficult to find and expensive. Block must find a way to make them more accessible in order to achieve its goal.
The company also wanted to build a reliable system to solve the common problems of current rigs with heat dissipation and dust. In addition, Block is looking at the right balance between performance and other factors, such as ensuring equipment operates efficiently while consuming low power. Thomas said Block is also thinking of which partners to consider for the project and has begun building a core team of engineers to work on solutions and answer all of their questions.
Dorsey is a big believer in cryptocurrencies and even used to speak that he believes bitcoin will one day replace the dollar. Block has invested heavily in cryptocurrency and reported holds 8,027 bitcoins or about $338 million, based on current value.
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