Home Bitcoin News Bitcoin Mining Jack Dorsey’s Block is working to decentralize Bitcoin mining – The Verge

Jack Dorsey’s Block is working to decentralize Bitcoin mining – The Verge

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Block, the cost firm previously often called Sq., is engaged on constructing an “open Bitcoin mining system,” its CEO Jack Dorsey has announced. In a thread, Block’s normal supervisor for {hardware} Thomas Templeton outlined the corporate’s objectives for the system, which is for it to be simply out there, dependable, performant, and comparatively energy environment friendly in comparison with its hashrate.

The general intention is to make mining extra decentralized, in flip making the general Bitcoin community extra resilient. Because the cryptocurrency’s worth has elevated, and it’s turn into tougher to mine with out economies of scale, there have been fears that the community has turn into centralized on too small a group of miners. Making mining extra decentralized is “a long-term want for a future that’s totally decentralized and permissionless,” Templeton says. However the plans could possibly be controversial given how energy intensive mining Bitcoin tends to be.

In response to Templeton, Block is open to constructing its personal ASIC (a customized chip optimized for a single function — on this case mining Bitcoin), however that the group can even embody software program designers. The intention is to construct a high performance integrated system that’s also open-source. Dorsey has beforehand mentioned he desires Bitcoin mining to be “as easy as plugging a rig into a power source,” and that he sees worth in a mining system that’s vertically integrated throughout {hardware} and software program.

In addition to its mining system, in July final yr Block (then Sq.) announced it was building a Bitcoin hardware wallet with the intention of constructing “Bitcoin custody extra mainstream.” Sq. additionally beforehand allowed its clients to buy and sell Bitcoin using its Cash App. Dorsey has lengthy been an avid supporter of Bitcoin, and his Twitter bio continues to easily be “#Bitcoin.” He earlier talked about his need for Block to construct a Bitcoin mining system in October.

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