Jack Dorsey's Block, formerly known as Square, is actively pursuing plans to build an open bitcoin mining system.
The news was first tweeted by Thomas Templeton, General Manager of Hardware, which was later confirmed by Dorsey on Twitter. In a full Twitter thread, Thomas Templeton explained the company's plan to build an open bitcoin mining system. According to Templeton, the focus will be on creating new bitcoins by solving increasingly complex computational problems in a "distributed and efficient manner." He later added that the company sees this project as a long-term imperative for a future that will be "decentralized and permissionless." Dorsey earlier echoed a similar sentiment when he first shared the idea of researching bitcoin mining in October. "The more decentralized this is, the more resilient the Bitcoin network becomes," Dorsey explained previously. Discussing teething problems the company may encounter during the process, Templeton explained that since mining rigs are expensive and " stop working every day," he is also looking at ways to build his mining ASIC machine to further simplify the process.
“Developing products is never a solo journey, and evaluating existing technologies is always part of our practice. For this project we start by evaluating different IP blocks (since we are open ASIC), open source mining firmware and other system software offerings.Added Templeton. Recent tweets indicated that the company is now officially assembling a new team of hardware experts, including systems engineering teams, ASICs and software designers, led by Bitcoin mining lead on the block, Afsheen Rezayee. In October, Dorsey took to Twitter to share his thoughts on building a custom, open-source, silicon-based mining system for individuals and companies around the world. The news comes as no surprise as the former Twitter CEO is known to be a staunch supporter of cryptocurrencies and has spoken out in favor of Bitcoin and cryptocurrency on numerous occasions.