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

Visit the original article *

https://www.newsbtc.com/wp-content/uploads/2022/01/45907-89329-block-xl-460×259.jpg

Block, formerly known as Square, runs on an open source platform for bitcoin mining, according to CEO Jack Dorsey. He referred to a more detailed thread on the project’s goals by the company’s general manager of hardware, Thomas Templeton.

We are Officially Building an Open Bitcoin Mining System

https://t.co/PaNc7gXS48

– Jack⚡

(@jack) Jan 13, 2022

Block Mining Bitcoin

Thomas Templeton, general manager of hardware at Block, outlined the company’s next steps in a series of tweets.

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

According to Templeton, making the mining process easier is about more than just generating more bitcoin.

Templeton wrote:

“We want to make mining more distributed and efficient in everything from purchase to creation, maintenance and mining. We care because mining goes beyond creating new bitcoins. We see it as a long-term need for a fully decentralized, unlicensed future.”

The initiative focuses on combining performance and open source design in an “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 the hardware team at Block. Afshin Rezayee leads a dedicated team of engineers for this endeavor and positions available include electrical engineers, software and analog designers, ASIC engineers, and planning engineers.

The market capitalization of BTC is lower than the ATH of last year. Source: TradingView

The bitcoin mining system developed by Block aims to improve three areas of bitcoin mining: availability, reliability, and performance. The goal is to make it easier to locate and purchase mining rigs, while providing a consistent delivery experience; improving reliability by designing something that can better dissipate heat and dust; Enhanced performance with less power consumption.

“Common issues we’ve heard with current systems are with heat dissipation and dust. They also become non-functional almost every day, which requires a time-consuming restart. We want to build something that just works,” Templeton said in a tweet. It makes it too high for home use.”

Related article | Does Norton 360 mine Ethereum in your PC? If so, then 15% will be deducted.

Dorsey wants to democratize bitcoin mining

This project’s mission statement includes democratizing access to bitcoin mining.

Dorsey wrote in October:

“Mining is not within everyone’s reach. Bitcoin mining should be as easy as connecting a rig to a power source. There is not enough incentive today for individuals to overcome the complexity of operating a miner for themselves.”

This news corresponds to Dorsey ads from 2021. Dorsey tweeted,

Square is considering building a dedicated, open source Bitcoin mining platform for individuals and businesses around the world. If we do, we’ll follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.

– Jack⚡

(@jack) October 15, 2021

The block news comes just months after the US overtook China as the world’s top bitcoin mining destination for the first time. Renewable energy sources abound in the United States.

Hydroelectric mining farms are booming in Washington State. New York generates more hydroelectric power than any other state east of the Rocky Mountains, and nuclear power plants contribute to the state’s goal of zero carbon emissions for electricity. Meanwhile, Texas’ contribution to renewable energy is increasing over time, with wind power accounting for 20% of the state’s capacity in 2019. Additionally, the Texas grid continues to add more wind and solar power at a rapid pace.

Block has not given a specific date when its bitcoin mining system will be available for purchase and use, as the company is still in the research phase of development. Templeton also encouraged members of the public to contact him if they had any concerns or suggestions for improving the initiative.

Related article | More Green Energy: Cryptocurrency Mining Provides Hydropower Plant in Costa Rica

Leave a Comment