Home Bitcoin News Bitcoin Mining Jack Dorsey: Block is 'formally constructing an open bitcoin mining system' – CNBC

Jack Dorsey: Block is 'formally constructing an open bitcoin mining system' – CNBC

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Block founder and CEO Jack Dorsey simply confirmed that the corporate, previously often known as Sq., plans to maneuver ahead with plans to construct a bitcoin mining system.

“We’re formally constructing an open bitcoin mining system,” Dorsey tweeted on Thursday. The corporate first introduced that it was contemplating the mission in October.

The mission’s aim is to make mining bitcoin, the most important cryptocurrency by market worth, “extra distributed and environment friendly,” tweeted Thomas Templeton, the corporate’s common supervisor for {hardware}.

Bitcoin operates on a proof of work (PoW) mannequin, the place miners should compete to resolve advanced puzzles as a way to validate transactions. The method is not straightforward: It requires a whole lot of vitality and pc energy, which is not low cost. The computer systems themselves, together with different tools, will also be very costly.

Templeton talked about that there are a variety of “buyer ache factors” and “technical challenges” within the mining group that Block hopes to handle, together with mining rig availability, excessive worth, reliability and energy consumption.

“For most individuals, mining rigs are arduous to seek out. As soon as you’ve got managed to trace them down, they’re costly and supply will be unpredictable,” Templeton tweeted. “How can we make it in order that anybody, anyplace, can simply buy a mining rig?” he mentioned. “We wish to construct one thing that simply works. What can we simplify to make this a actuality?”

Templeton mentioned that Block is growing a {hardware} workforce of engineers and software program designers to evaluate these questions. “Creating merchandise is rarely a solo journey, and evaluating present tech is at all times a part of our observe,” he mentioned.

This announcement is not stunning. In spite of everything, it is no secret that Dorsey loves and owns bitcoin.

Earlier than floating the concept of Block (then Sq.) constructing a mining system in October, Dorsey additionally mentioned in August that he is “trying” to mine bitcoin himself.

“Mining is not accessible to everybody,” Dorsey tweeted in October. “Bitcoin mining must be as straightforward as plugging a rig into an influence supply.”

Bitcoin is at the moment buying and selling at round $42,598, in line with Coin Metrics.

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