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Jack Dorsey’s Block to Build Open Bitcoin Mining System

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Block Inc CEO Jack Dorsey said in a tweet Thursday that the fintech company is building an open bitcoin mining system, as the newly renamed company seeks to expand beyond its payments business. and new technologies such as blockchain.

In October, Dorsey said Block, formerly Square, was planning to create a custom, open-source silicon-based bitcoin mining system for individuals and businesses around the world. (https://reut.rs/3I4KT1C)

In a thread on Thursday, Block’s general manager for hardware, Thomas Templeton, outlined the company’s plans for building the mining system.

“We want to make mining more distributed and efficient in everything from purchasing to installation, maintenance and mining. We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a fully decentralized and unauthorized future, ”Templeton tweeted https://bit.ly/3tuFfSq. (Reporting by Arunima Kumar in Bangalore; Editing by Shailesh Kuber)