The popular payment company, formerly known as Square, is venturing into Bitcoin mining, as the boss confirmed in a January 14 tweet.
Block’s general manager for hardware, Thomas Templeton, said the company is hiring a team with the goal of making mining “more distributed and efficient in every way, from purchase to configuration, by going through maintenance and mining”, before adding:
“We are interested because mining goes far beyond the creation of new Bitcoins. We see a long-term need for a fully decentralized and permissionless future.
We are officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48
— jack⚡️ (@jack) January 13, 2022
Bitcoin mining company
Bitcoin’s mining ambitions were first unveiled in October when Dorsey said the company planned to build a “custom, silicon-based, open-source silicon-based Bitcoin mining system for individuals and businesses around the world.”
Block wants to make Bitcoin mining accessible to everyone from their homes. The new system aims to solve the problems of access to mining equipment, reliability, noise and energy consumption. Templeton clarified:
“We want to make mining more distributed and efficient in every way, from buying and setting up, to maintenance and mining.”
Templeton added that there are a number of “customer pain points” and “technical challenges” to overcome within the mining community.
He also said the company is open to creating new ASIC (application-specific integrated circuits), open-source miner firmware, and other system software offerings.
Dorsey, who believes BTC will replace USD, left Twitter in November to work more closely with Bitcoin. January 12, CryptoPotato reported that bull BTC has launched a new fund to provide legal defense to Bitcoin developers.
China’s loss in banning Bitcoin mining was America’s gain. The United States now controls the lion’s share of the Bitcoin network’s hash rate, according to the University of Cambridge.
According to its mining map, which has not been updated since August, the United States accounts for 35.4% of global hash power. This figure is likely to be considerably higher now, given the crackdown that has taken place in other countries.
Environmentalists always cry foul when cryptocurrency mining is mentioned, but the majority of it in the US is done with renewable energy, so in fact the mining ecosystem is much greener now. than it was when China dominated.
Image courtesy of CNBC
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