Block, formerly Square payments firm, has laid out plans for a Bitcoin mining system, in line with its recently announced blockchain venture.
The company will address various miner pain points such as mining rigs’ availability, reliability, and performance.
Payments company Square, led by ex-Twitter CEO Jack Dorsey, rebranded to Block in Dec. 2021 to expand its focus into blockchain technology. The fintech firm is now looking into setting up an open Bitcoin (BTC) mining system, according to a Thursday tweet by Dorsey. This echoes his October statement of Block’s consideration in developing a Bitcoin mining system based on custom silicon and open source tech.
Block’s general manager for hardware, Thomas Templeton, said mining will not only create new Bitcoin but also champion decentralized and permissionless systems.
“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 fa
