The founder of the cryptocurrency payment company Block, Jack Dorsey, also known as the former CEO of the social network Twitter, announced through his account on the above-mentioned platform that the company is officially building an “open bitcoin mining system”. It’s important to note at a glance that Jack Dorsey first announced last October that his digital payments provider, then known as Square, was actively considering working on the project. That is, the plans announced above existed even before the rebranding was made.
But if you are not aware, Square changed its name to Block for the very purpose of tying all of its services together and better envisioning the future of its business in cryptocurrencies and blockchain technologies. Anyway, now Thomas Templeton, Block’s General Manager of Hardware has revealed much more details regarding the initial discussions of this, indeed, highly ambitious and unusual project of the company. And going into more detail, Thomas Templeton tweeted that Block aims to “make mining more distributed and efficient in every way, from purchase to setup, maintenance and mining.”
We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48
— jack⚡️ (@jack) January 13, 2022
Thus, in other words, Block was able to identify the main pain points and technical problems of all operations and processes related to mining in one way or another, and the very first of the identified problems was the problem of availability, since mining farms are quite difficult to find . So Block is going to find some way to make them a little more accessible in order to still achieve its goal. It can’t be ignored that the company also wants to build a truly robust system, which in turn will solve the usual problems of existing “mining rigs” with heat dissipation and dust.
In addition, Block strives to find the right balance between performance and other factors. That is, as an example, it is noted that the company will have to make sure that this or that mining farm will be efficient even with low power consumption. And by the way, in addition to this, Thomas Templeton also added that the company is already deciding which partners should be considered first of all for participation in its project. So right now, Block is very intensively forming a core team of engineers that will work on solutions and answer all questions.
