Founder and CEO of Block company Jack Dorseyannounced that the Block company, formerly known as Square, is continuing its plans to build a Bitcoin mining system.
“On Thursday, we officially announced the launch of an open Bitcoin mining system,” Dorsey tweeted.
Block first announced his interest in the project in October. The aim of the project is to be the ‘most valuable cryptocurrency in the world’, according to a tweet by the company’s chief hardware officer, Thomas Templeton. Bitcoin miningni’ to make it ‘more messy and efficient’.
Bitcoin PoW Becomes Cryptocurrency
Bitcoin is a cryptocurrency that runs on a proof of work (PoW); This means that miners compete to solve complex puzzles to verify transactions. The method is not simple: it requires a significant amount of energy and computing capacity, and they are not cheap to make: hardware such as computers and other equipment can be quite costly.
Templeton stated that Block aims to solve various “consumer issues” and “technical issues” in its mining business, including rig availability, cost, reliability and power usage.
“Once rigs are found, they can be expensive and delivery can be inconsistent,” Templeton tweeted. Our motivation is “can we simplify things to just make something that works and make it a reality?” It started with a question.
According to Templeton, Block is building a hardware team of engineers and software designers to solve these problems. “Creating a product is never a single effort,” Templeton adds. “Current technological analysis is a vital element of our approach. This news is no surprise. After all, it’s no secret that Dorsey is a bitcoin enthusiast and owner.” made a statement.
Before recommending Block (and previously Square) build a mining system in October, Dorsey announced in August that he was “trying” to mine bitcoin. Dorsey emphasized that “Not everyone has access to mining” in a tweet he took in October. According to Coin Metrics, Bitcoin is currently trading at around $42,598.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.