Jack Dorsey’s Block Looking To Democratize Bitcoin Mining With Open Source Mining System

According to Jack Dorsey, CEO of Block, Square was once known as Square. Block is currently working on an open source bitcoin mining system. He referenced a more detailed thread on the project’s objectives by the company’s general manager for hardware, Thomas Templeton.

Block Works on Bitcoin Mining

Thomas Templeton, Block’s general manager for hardware, set out the company’s next moves in a series of tweets.

“From buying, to set up, to maintenance, to mining,” Templeton said, the goal is to make bitcoin mining — the process of creating new bitcoins by solving increasingly hard computing tasks — more dispersed and efficient in every aspect.

Templeton believes that it is more important than simply creating more Bitcoin to make the mining process easier.

Templeton wrote:

“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.”

The initiative is focused in combining performance and open-source design in a “elegant system integration,” according to Templeton. The company is looking for technologies and partnerships that could help the idea, which is currently being developed by Block’s hardware team. Afshinrezayee heads a dedicated group of engineers for the venture. Available positions include software and analog engineers and layout engineers.

BTC Market Cap down from Last Year's ATH. TradingView

Block has developed a bitcoin mining system that aims to increase three aspects of bitcoin mining, namely availability, reliability and performance. It is designed to simplify the identification and purchase of mining rigs, as well as provide a consistent delivery experience.

“Common issues we’ve heard with current systems are around heat dissipation and dust. It is also possible for them to become unfunctional every day. This requires an expensive reboot. We want to build something that just works,”Templeton tweets “They’re also very noisy, which makes them too loud for home use.”

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Dorsey wants to democratize BTC Mining

Its mission statement includes the democratization of bitcoin mining access.

Dorsey published this October poem:

“Mining isn’t accessible to everyone. It should not be difficult to plug a miner into a power supply. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”

The news corresponds to Dorsey’s announcements from 2021. Dorsey Tweeted,

Block’s news comes only months after the United States overtook China as the world’s top bitcoin mining destination for the first time. There are many sources of renewable energy in America.

Washington State is home to many hydropower mining farms. New York generates more hydroelectric power than any other state east of the Rocky Mountains, and its nuclear power plants contribute to the state’s objective of zero carbon electricity. Meanwhile, Texas’ renewable energy contribution is increasing over time, with wind power accounting for 20% of the state’s power in 2019. The Texas grid is adding more solar and wind power to its system at an increasing rate.

Block hasn’t given a specific date for when its bitcoin mining system would be available for purchase and use, since the company is still in the research phase of development. Templeton encouraged the public to reach out to him with any suggestions or concerns regarding the initiative.

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