Block, formerly referred to as Square, declared that they are constructing their own bitcoin mining system. Jack Dorsey, former CEO of Twitter and a strong supporter of Bitcoin, runs the firm which is devoted exclusively to financial services and bitcoin expansion. Since Dorsey’s engagement was revealed, the company has been a major player in this field. Now it is focusing on bitcoin mining with a view to making it available for everyone.
Block Access to Bitcoin Mining
In October 2021, Block’s CEO Jack Dorsey tweeted that they were planning to develop a bitcoin mining system based on custom silicon which would be open source and accessible to people around the world. Now, not even three months later, progress has been made in creating this system.
Dorsey brought up the issue that bitcoin mining should be spread out more. At present, mining BTC requires a significant investment, so only those with money are able to do it. Block is planning ahead and looking for ways to make the network decentralized even once all of the BTC has been mined, one of which is making mining more productive.
Block is aiming to reduce the obstacles of an ineffective mining system by providing the necessary equipment for BTC mining. Dorsey commented in a Twitter thread, “Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source.”
Assembling The Plan Together
Thomas Templeton, the general manager of Block’s hardware division, used Twitter to declare that they had begun taking action to make bitcoin mining simpler for everyone. He explained that Block had initially contacted the community to acquire knowledge about their mining experiences, assessing any customer grievances and technical issues.
The researchers discovered that customers were having difficulty gaining access to mining rigs, keeping them running proficiently and with consistency, as well as the energy costs being too expensive for a singular BTC miner to make money. This is why Block is striving to make the process simpler and more straightforward.
No date has been revealed as to when the system will be released to the public. Nevertheless, Templeton stated that the company had already started forming teams for its bitcoin mining system.
“We’re incubating this investigation within Block’s hardware team and are starting to build out a core engineering team of system, asic, and software designers.”
– Templeton
