Jack Dorsey’s Block Gets Into Bitcoin Mining: Report

Jack Dorsey’s block gets into Bitcoin mining and wants to be the first that will build a cheaper mining rig with lower maintenance and even quieter than the current hardware available as we can see more today in our latest Bitcoin news.

Dorsey said the company was looking into building a BTC mining system and it is now putting together a new team to build it. Jack Dorey’s Block gets into Bitcoin mining and Dorsey let loose the financial services company and its ideas to build a mining system earlier. Three months after making this comment, the company is slowly making the idea come true and Dorsey confirmed it in a tweet response to Block general manager of hardware Thomas Templeton.

We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48

— jack⚡️ (@jack) January 13, 2022

According to Templeton, the block is working on a low-maintenance and cheap BTC mining rig for everyday customers which is also quiet enough to be used at home. Speaking about issues of reliability, Templeton wrote that the mining rigs are non-functional almost every day that requires a time-consuming reboot as they want to create something that simply works. Block says it is not going at it alone but it is putting together a team that will include software engineers, systems, and ASIC mining technology specialists:

“We are interested in performance and open-source and our own elegant system integration ideas.”

Dorsey said that the company can help create a mining system that was more energy-efficient than the current options:

 “Energy is a system-level problem that requires innovation in silicon, software, and integration.”

Aside from the hint made in the fall, it is not a surprise that Block is getting into hardware development for BTC. Jack Dorsey is a BTC maximalist who said he will leave his CEO roles if BTC needed him more as he said during the Bitcoin Miami conference. Dorsey left his job as Twitter CEO which gave him more time to focus on Square. In a few days, Square changed its name to Block referencing blockchain technology. Cash App by Square that facilitates bitcoin purchases also ramped up the marketing campaign to reach some bigger audiences on Instagram and Twitter via giveaways.

Square is not just working on BTC mining and its TBD division released a whitepaper for decentralized exchanges for swapping BTC and fiat and Cash app also indicated that it will start integrating with the Bitcoin lightning Network that allows people to send BTC at a low transaction cost.