Jack Dorsey Fintech Firm Block wants Bitcoin mining for everyone

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Jack Dorsey announced Thursday that his digital payments company Block is building a system to make it easier for people to mine Bitcoin.

Dorsey said in a tweet that Block, formerly known as Square, is “officially building an open bitcoin mining system,” continuing an idea that was made public late last year. Bitcoin price in India stood at Rs. 34.11 lakhs as of 12:00 IST on January

In November, Twitter co-founder Dorsey announced his departure from the social media platform, allowing him to focus on his digital payments company, which is expanding into cryptocurrency.

Block changed its name from Square late last year to denote a broader mission that encompasses blockchain and economic empowerment.

According to Dorsey’s tweets, Block’s hardware and software teams will openly work with the cryptocurrency community outside of the San Francisco-based company to create a mining system that can be used by anyone.

Thomas Templeton, general manager of Block Hardware, said on Twitter that the goal of the project is: “To make mining more distributed and efficient in every aspect, from purchase to setup to maintenance to mining.”

“We see this as a long-term imperative for a fully decentralized and permissionless future.”

No timeline was given for when Block’s system might be ready. Block is also working on a wallet for storing cryptocurrency, using a similar open collaboration.

“Mining assets are hard to find for most people,” Templeton said in a tweet.

“How can we make it easy for anyone, anywhere to buy a mining rig?”

Bitcoin price hit record highs in 2021 thanks to support from traditional finance. But it slipped below $40,000 (about 30 lakh) on Monday, falling to its lowest level since late September as the world’s top cryptocurrency showed no end to its volatility.

Created after the 2008 global financial crisis, Bitcoin initially promoted a libertarian ideal and sought to overthrow traditional monetary and financial institutions such as central banks.

More recently, climate change observers have spotlighted the large amount of electricity used to power computers needed to discover new bitcoin tokens.

Interested in Cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 Podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Cryptocurrency is an unregulated digital currency, not legal tender and is subject to market risks. The information provided in this article is not intended to and does not constitute financial advice, trading advice, or any other advice or recommendation of any kind offered or endorsed by NDTV. NDTV is not responsible for any loss arising from any investment made on an accepted recommendation, forecast or other information contained in this article.

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