Block (formerly Square) is now developing an open bitcoin mining network as it proceeds with its efforts to expand beyond its core payments business. The company continues to embrace CEO Jack Dorsey’s passion for the crypto market.
Having managed to float the idea initially in October 2021, Dorsey has already tweeted confirmation that the Bitcoin mining plan is going ahead quite well.
In a previous tweet thread, Thomas Templeton, Block’s general manager for hardware, said:
“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 confirmed that Block has been investing in the customer pain points and technical challenges that come with bitcoin mining and how all these issues can be addressed. The firm is currently setting up a core engineering team that will work on the system.
In October we announced that we’re considering building a bitcoin mining system, out in the open & alongside the community, and we’ve decided…we’re doing it! We thought we’d share some more details on how our initial discussions are going and where we’re headed next. https://t.co/wURxEKBpJ5
— Thomas Templeton (@TempletonThomas) January 13, 2022