Block, formerly known as Square, is developing an open-source bitcoin mining system, according to CEO Jack Dorsey. He quoted Thomas Templeton, general manager of the company’s hardware, for a more detailed topic on the project’s goals.
We are officially building an open Bitcoin mining system✨ https://t.co/PaNc7gXS48
— Jack ⚡️ (@jack) January 13, 2022
Block is working on Bitcoin mining
Block’s general manager of hardware, Thomas Templeton, laid out the company’s next steps in a series of tweets.
“From buying, setting, maintaining, to mining,” Templeton said, the goal is to make bitcoin mining — the process of creating new bitcoins by solving increasingly difficult computing tasks — more decentralized and efficient in every way.
According to Templeton, making the mining process more accessible is about more than just creating more bitcoins.
“We want to make mining more decentralized and efficient in every way, from buying, to setting up, to maintaining, to mining. We are interested because mining goes far beyond creating new bitcoins. We think it’s a good idea to A long-term need for a fully decentralized and permissionless future.”
According to Templeton, the program is focused on combining performance and open-source design in “elegant system integration.” The company is looking for technology and partners that can help with the idea, which is currently being developed by Block’s hardware team. Afshin Rezayee leads a dedicated team of engineers involved in this effort, with existing positions including electrical engineer, software and analog designer, ASIC engineer and layout engineer.
BTC Market cap down from last year's ATH. Source: TradingView
The Bitcoin mining system developed by Block is designed to improve three aspects of Bitcoin mining: usability, reliability, and performance. The goal is to make miners easier to identify and buy while providing a consistent delivery experience; improve reliability by designing things that dissipate heat and dust better; and increase performance while consuming less power.
“The common problems we hear with current systems are heat dissipation and dust. They become non-functional almost every day, which requires time-consuming restarts. We wanted to build something that worked,” Templeton tweeted. “They’re also quite loud, which makes them too loud for home use.”
Dorsey wants to democratize BTC mining
The project’s mission statement includes democratizing Bitcoin mining access.
Dorsey wrote in October:
“Mining is not for everyone. Bitcoin mining should be as simple as plugging a rig into a power source. There is not enough incentive today for individuals to overcome the complexities of running a mining rig for themselves.”
The news corresponds to Dorsey’s 2021 announcement. Dorsey tweeted,
Square is considering building a custom chip and open source bitcoin mining system for individuals and businesses around the world. If we do, we will follow our hardware wallet model: building open in partnership with the community. First some thoughts and questions.
— Jack ⚡️ (@jack) October 15, 2021
Bullock’s news comes months after U.S. overtakes China The world’s top bitcoin mining destination for the first time. Renewable energy abounds in the United States.
Hydroelectric mining is booming in Washington state. New York generates more hydroelectric power than any other state east of the Rocky Mountains, and its nuclear plants help the state achieve its goal of zero-carbon electricity. Meanwhile, Texas’ contribution to renewable energy has increased over time, with wind accounting for 20% of the state’s electricity in 2019. Additionally, the Texas grid continues to rapidly add more wind and solar power.
Block did not give a specific date on when its bitcoin mining system will be available for purchase and use, as the company is still in the research and development phase. Templeton also encouraged the public to contact him if they have any concerns or suggestions for improving the initiative.
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