Jack Dorsey’s Block is Building a Bitcoin Mining System

Block founder and CEO Jack Dorsey, (formerly known as Square) just confirmed that his payments company is building a Bitcoin mining system and is hiring a team of engineers for the effort. In a series of tweets posted Thursday, Thomas Templeton, the company’s general manager for hardware, said that the goal is to make bitcoin mining easier and accessible for everyone ‘from buying, to set up, to maintenance, to mining.’ 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. — Thomas Templeton (@TempletonThomas) January 13, 2022 He mentioned that there are a lot of ‘customer pain points’ and ‘technical challenges’ in the mining community that Block hopes to address, including mining rig availability, high price, reliability, and power consumption. “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,” Templeton wrote in his tweet. Block’s bitcoin mining system seeks to enhance three aspects of bitcoin mining: availability- to make mining rigs easier to find and purchase, with seamless ...