Jack Dorsey Led Fintech Firm Block to Build Bitcoin Mining System

Jack Dorsey Led Fintech Firm Block to Build Bitcoin Mining System
  • There was no mention of a release date for Block’s system.
  • Jack Dorsey, announced his retirement in November as CEO of Twitter.

Co-founder and former CEO of Twitter, Jack Dorsey, announced his retirement in November to focus more on his digital payments company as it grows into the crypto space. For Block Inc’s newly rebranded company to grow beyond its payment industry and into new technologies like blockchain, chief executive officer Jack Dorsey said in a tweet on Thursday.

According to Dorsey’s tweets, Block’s hardware and software teams will freely cooperate with the cryptocurrency community outside of San Francisco to design a mining system that anybody can utilize. In October, the bitcoin mining system based on custom silicon and open source for people and companies globally was being considered by Dorsey and Block, previously Square. Thomas Templeton, Block’s general manager of hardware, detailed the company’s ambitions for the mining system in a series of tweets on Thursday.

Templeton tweeted:

“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.”

Bitcoin Mining Widely Accessible

There was no mention of a release date for Block’s system. Block is also working on a cryptocurrency wallet using the same open cooperation. Block aims to reduce the bottleneck caused by an inefficient mining process by making the hardware needed to mine BTC more widely accessible.

Read More: Bitcoin Price Prediction

According to CoinMarketCap, the Bitcoin price today is $43,027.00 USD with a 24-hour trading volume of $22,858,831,960 USD. Bitcoin is up 0.37% in the last 24 hours.

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