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Jack Dorsey’s Block (ex-Square) wants to create an open Bitcoin mining system

Block announced that it is designing a bitcoin mining system that is more open, accessible, and consumes less energy.

Block will start mining Bitcoin

A few months after leaving Twitter, Jack Dorsey is focusing on his business specializing in digital payments. His new company hasn’t concealed its desire to ditch cryptocurrencies, but it’s official now.

Block announced that it is designing a bitcoin mining system that is more open, accessible, and consumes less energy.

Block will start mining Bitcoin
Block is starting bitcoin mining, but with a system that is more accessible than existing methods. This was announced by Jack Dorsey, the founder of the American company specializing in digital payment solutions in his social networks. The creator of Twitter has announced that he has “officially designed an open system for bitcoin mining”. Theoretically, anyone can already mine from home, but with the rise of the blockchain, the technical constraints are greater. It now requires state-of-the-art equipment and access to an inexpensive source of electricity.

Fintech’s goal is clear: to make cryptocurrency more accessible and make the creation process “better distributed and more efficient, from purchase to setup and maintenance.” In other words, the company formerly known as Square wants to design a BTC mining solution that generates less heat and uses less energy, said Thomas Templeton, Block’s chief equipment officer. This future system should also offer better profitability, lower investment costs and better maintenance.

To achieve this, Block will surround himself with a team of engineers and ASIC mining experts. “We are interested in this because mining goes far beyond the creation of new bitcoins. We see this as a long-term need to build a fully decentralized future,” he added on his social networks.

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