Block, formerly known as Square, CEO Jack Dorsey said that his company intends to press on with plans to establish a bitcoin mining infrastructure.
Block founder and CEO Jack Dorsey revealed in a series of tweets that the company, formerly known as Square, intends to proceed with plans to establish a bitcoin mining infrastructure.
So, On Thursday, Dorsey tweeted,
“We’re officially developing an open bitcoin mining infrastructure.”
In October, the business revealed that it was contemplating the idea.
The project’s goal is to make bitcoin mining, the world’s most valuable cryptocurrency, “more distributed and efficient,” according to Thomas Templeton, the payment company’s general manager for hardware.
Bitcoin uses a proof-of-work (PoW) system, in which miners compete to solve complicated puzzles in order to validate transactions. The procedure is not simple: it takes a significant amount of energy. Then, and computer processing capacity, both of which are not inexpensive.
The computers themselves, as well as other equipment, can be rather costly. Jack Dorsey, the CEO of the microblogging company Twitter, has already resigned to work on bitcoin.
Block intends to address a variety of “consumer pain points” and “technical issues” in the mining world, including mining rig availability, high price, reliability, and power consumption, according to Templeton. “Mining rigs are difficult to come by for most individuals.
So, Templeton wrote,
“Once you’ve found them, they’re pricey, and delivery might be unreliable.”
“How can we make it such that anyone, wherever, can buy a mining machine easily?” he wondered. “We want to create something useful.” “How can we make this a reality by simplifying things?”
Block, he added, is putting together a hardware team of engineers and software designers to look into these issues.