Jack Dorsey’s firm Block plans to build Bitcoin mining system
Payments firm Block, founded by Twitter creator Jack Dorsey, has announced plans to build an open-source Bitcoin mining system.
Thomas Templeton, Block’s general hardware manager, took to Twitter to announce that the company would push ahead with plans to build an open-source mining system. Templeton said the company would identify and fix “pain points” in the current mining process in order to increase participation in crypto.
He wrote: “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 want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining,” added Templeton. “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 decentralised and permissionless.”
Tech entrepreneur Dorsey changed the name of his payments company to Block in December to signal its pivot towards digital assets and blockchain technology.
Dorsey has taken multiple opportunities to signal his support for Bitcoin. Before stepping down as chief executive of Twitter he added a Bitcoin payments function to the app. An avid supporter of digital assets, Dorsey spoke at the 2021 Bitcoin Conference.