Jack Dorsey’s Block Is Building A Bitcoin Mining System• January 16, 2022 5:27 pm • Comments
Block, formerly known as the company Square, is currently building a bitcoin mining system as reported from last week from a company official.
Jack Dorsey, founder of Block, had previously announced that Bitcoin was likely to become the currency of the internet as part of a larger vision that crypto would change how the world performs financial transactions.
Currently, the company already has a physical wallet where it has bought Bitcoin as a way to include different types of financial assets on the company’s balance sheet.
We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48
— jack⚡️ (@jack) January 13, 2022
Yahoo Finance reports:
“We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining,” Thomas Templeton, the company’s general manager for hardware, said on Twitter.
“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 permission-less.”
The mining will occur “out in the open & alongside the community,” Templeton said — a vision Chief Executive Officer Jack Dorsey announced in October.
The team will aim to solve problems with access to mining equipment, the power consumption and reliability of the equipment, as well as the noise it generates. Ultimately, Block wants it to be possible for anyone to mine Bitcoin from home.
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
To provide additional insight regarding the process of mining bitcoin, specifically designed computer equipment is required to verify the transactions in the process that creates new bitcoins.
For the majority of people, these mining rigs are hard to come by.
Even once you do find them, they can be very expensive and delivery of these rigs are hard to predict.
Dorsey has mentioned in the past that and has continued to reinforce the idea that the main point of having miners is to securely settle transactions without the need for any third parties.
The more miners there are, the more resilient the blockchain network becomes as it is unlikely to need any third parties and is as close as possible to being decentralized.
Therefore, it is essential that in order to ensure that bitcoin continues to be decentralized, the process of mining bitcoin needs to become more efficient and distributed in every way.
In order for this to be achieved, Block intends to make the mining process available to everyone in a way to democratize the process.
To solve this problem, Block hopes to design more ASICs. Block’s hardware team led by Afshin Rezayee has been tasked with doing this.
Additionally, the company recently advertised the role of customer digital design lead on Linkedin fueling rumors about its intention. The custom digital design lead will assist in the silicon validation of the ASIC and its prototype.
Beyond democratizing the mining process, ASICs will help improve user experience and the reliability of the bitcoin mining process.
“We want to build something that just works. What can we do to simplify this?” he tweeted.
Currently, the United States holds the number one position when it comes to bitcoin mining followed by Kazakhstan.
Bitcoin mining requires intensive amounts of energy and therefore requires large energy sources that are available whether the energy source is sustainable or not.
— Bitcoin Magazine (@BitcoinMagazine) January 13, 2022
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