Block founder Jack Dorsey announced on Twitter that the company is officially building an open platform for bitcoin mining. Dorsey first announce In October last year, the digital payments provider, then known as Square, was considering working on the project even before it rebranded itself. If you remember, Square changed its name to Block to tie its services together and better represent the future of its business in cryptocurrency and blockchain technologies.
Now, Block’s general manager of hardware, Templeton Thomas, has revealed more details about the company’s initial discussions about the project. On Twitter, Thomas said Block aims to “make mining more distributed and efficient in everything from procurement, to creation, to maintenance, to mining.” As such, Block identified the technical weaknesses and challenges of the process, starting with availability, where rigs are hard to find and expensive. Block must find a way to make it easier so that she can achieve her goal.
The company also wants to build a reliable system that addresses the usual problems of existing drilling rigs while dissipating heat and dust. In addition, Block is looking at striking the right balance between performance and other factors, such as ensuring an efficient rig with low energy consumption. Thomas said Block is also thinking about what partners to consider for the project and has already started putting together a core engineering team to work on solutions and answer all of his questions.
Dorsey is a firm believer in cryptocurrency, and even once He said He believes that one day Bitcoin will replace the dollar. Block has invested heavily in cryptocurrencies and is said to own 8,027 Bitcoin, or about $338 million USD, based on the current value.
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