Jack Dorsey’s Block Looking To Democratize Bitcoin Mining With Open Source Mining System
January 13 2022 - 5:35PM
NEWSBTC
Block, formerly known as Square, is working on an open-source
bitcoin mining system, according to CEO Jack Dorsey. He referenced
a more detailed thread on the project’s objectives by the company’s
general manager for hardware, Thomas Templeton. We’re officially
building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48 —
jack⚡️ (@jack) January 13, 2022 Block Is Working On Bitcoin Mining
Thomas Templeton, Block’s general manager for hardware, set out the
company’s next moves in a series of tweets. “From buying, to set
up, to maintenance, to mining,” Templeton said, the goal is to make
bitcoin mining — the process of creating new bitcoins by solving
increasingly hard computing tasks — more dispersed and efficient in
every aspect. According to Templeton, making the mining process
more accessible is about more than just creating more bitcoin.
Templeton wrote: “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 far beyond creating
new bitcoin. We see it as a long-term need for a future that is
fully decentralized and permissionless.” The initiative is focused
in combining performance and open-source design in a “elegant
system integration,” according to Templeton. The company is looking
for technologies and partnerships that could help the idea, which
is currently being developed by Block’s hardware team. Afshin
Rezayee is leading a dedicated team of engineers to the endeavor,
and available positions include electrical engineers, software and
analog designers, ASIC engineers, and layout engineers. BTC Market
cap down from last year's ATH. Source: TradingView The bitcoin
mining system developed by Block aims to improve three areas of
bitcoin mining: availability, reliability, and performance. The
goal is to make mining rigs easier to identify and buy, while also
providing a consistent delivery experience; improve dependability
by designing something that can better dissipate heat and dust; and
boost performance while consuming less power. “Common issues we’ve
heard with current systems are around heat dissipation and dust.
They also become non-functional almost every day, which requires a
time-consuming reboot. We want to build something that just works,”
Templeton tweeted. “They’re also very noisy, which makes them too
loud for home use.” Related article | Is Norton 360 Mining Ethereum
In Your Computer? If It Is, They’ll Take a 15% Cut Dorsey Wants To
Democratize BTC Mining The mission statement of this project
includes democratizing bitcoin mining access. Dorsey wrote in
October: “Mining isn’t accessible to everyone. Bitcoin mining
should be as easy as plugging a rig into a power source. There
isn’t enough incentive today for individuals to overcome the
complexity of running a miner for themselves.” The news corresponds
to Dorsey’s announcements from 2021. Dorsey tweeted, Square is
considering building a Bitcoin mining system based on custom
silicon and open source for individuals and businesses worldwide.
If we do this, we’d follow our hardware wallet model: build in the
open in collaboration with the community. First some thoughts and
questions. — jack⚡️ (@jack) October 15, 2021 Block’s news comes
only months after the United States overtook China as the world’s
top bitcoin mining destination for the first time. Renewable energy
sources abound in the United States. Hydropower mining farms
flourish in Washington State. New York generates more hydroelectric
power than any other state east of the Rocky Mountains, and its
nuclear power plants contribute to the state’s objective of zero
carbon electricity. Meanwhile, Texas’ renewable energy contribution
is increasing over time, with wind power accounting for 20% of the
state’s power in 2019. In addition, the Texas grid continues to add
more wind and solar power at a rapid pace. Block hasn’t given a
specific date for when its bitcoin mining system would be available
for purchase and use, since the company is still in the research
phase of development. Templeton also encouraged members of the
public to contact him if they had any concerns or suggestions for
improving the initiative. Related article | More Green Energy:
Crypto Mining Saves A Hydro Power Plant In Costa Rica
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Mar 2024 to Apr 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Apr 2023 to Apr 2024