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Open Bitcoin Mining System Will Be Built By Jack Dorsey’s Block

The prominent payments startup, formerly known as Square, is entering the Bitcoin mining sector, as the CEO announced in a tweet on January 14.

Thomas Templeton, Block’s general manager for hardware, announced that the company was hiring a team to make mining “more distributed and efficient in every manner, from buying to setting up, to maintenance, to mining,” before adding:

“We’re interested because mining goes far beyond creating new Bitcoins. We see it as a long-term need for a future that is fully decentralized and permissionless.”

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Dorsey first revealed the firm’s Bitcoin mining intentions in October, when he stated that the company was exploring establishing a Bitcoin mining infrastructure. “based on custom silicon and open source for individuals and businesses worldwide.”

Block wishes to make Bitcoin mining available to everybody from the comfort of their own home. The new approach intends to address issues such as access to mining hardware, dependability, noise, and power usage. Templeton expanded:

“We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining.”

Templeton added that there are a number of “customer pain points” and “technical challenges” to overcome within the mining community.

He also indicated that the company was considering developing a new ASIC (application-specific integrated circuit), open-source miner firmware, and other system software products.

Dorsey, who believes that Bitcoin will eventually replace the US dollar, left Twitter in November to work more closely with Bitcoin. On January 12, CryptoPotato revealed that the BTC bull had launched a new fund to guarantee legal protection to Bitcoin developers.

America has benefited from China’s decision to prohibit Bitcoin mining. According to Cambridge University, the United States now controls the lion’s share of the Bitcoin network hash rate.

The United States accounts for 35.4 percent of worldwide hash power, according to its mining map, which hasn’t been updated since August. Given the crackdowns that have occurred in other nations, that figure is likely to be significantly higher currently.

Environmentalists always raise their voices when crypto mining is discussed, however, the majority of it in the United States is done using renewable energy, thus the mining ecology is considerably greener now than it was when China reigned.