Block, formerly Square, has announced the development of its bitcoin mining technology. The startup, led by ex-Twitter CEO and BTC maximalist Jack Dorsey, focuses primarily on financial services and bitcoin development and has been a powerhouse in the space, particularly since Dorsey revealed his involvement. This time, it has focused on bitcoin mining as part of its goal to make mining accessible to anyone.
Block Entering the Bitcoin Mining Industry
Back in October 2021, Block CEO Jack Dorsey revealed the company’s ambition to enter the mining market by constructing a bitcoin mining infrastructure. This system would be based on bespoke silicon and would be open source, making it available to individuals and enterprises all around the world. Less than three months later, the concept becomes a reality as Block begins to create its bitcoin mining technology.
One of the issues addressed by Dorsey was the need for more dispersed bitcoin mining. Mining BTC is currently an expensive enterprise, and as such, it is only available to those with the necessary funds. Block is looking to the future in order to make the network more decentralized even after the last BTC has been mined, and one method to do so is to make mining more efficient.
Block intends to alleviate the bottleneck caused by an inefficient mining process by making the hardware required to mine BTC more widely available. “Not everyone has access to mining.” “Bitcoin mining should be as simple as plugging a gear into a power source,” Dorsey wrote on Twitter.
Putting the Pieces Together
Block’s general manager for hardware, Thomas Templeton, came to Twitter to announce that the business had taken the initial steps towards making bitcoin mining more accessible to everyone. Block, according to Templeton, began by reaching out to the community to learn about their mining experiences, concentrating on user pain points and specific technical issues.
They discovered that the key barriers that customers had to overcome in order to enter the mining industry were availability, reliability, and the performance of mining rigs. Furthermore, the energy consumption of this equipment was too high for a solitary BTC miner to make a profit. This is why Block is aiming to make the process smoother and easier.
It has not yet been announced when the system will be made available to the public. On the other hand, Templeton stated that the company was already assembling teams for its bitcoin mining technology. “We’re incubating this inquiry within Block’s hardware team and are beginning to build out a core engineering team of system, ASIC, and software designers,” he explained.
