Block is ‘officially building an open bitcoin mining system’

Block is ‘officially building an open bitcoin mining system’

Block or formerly Square plans to establish a bitcoin mining infrastructure or an open mining system that will benefit all.

Founder and CEO Jack Dorsey revealed that the project’s purpose is to make bitcoin mining, the world’s most valuable cryptocurrency, “more distributed and efficient.”

Dorsey loves and owns bitcoin and floated the idea of Block building a mining system in October.

He also said in August that he’s “trying” to mine bitcoin himself.

“Mining isn’t accessible to everyone,” Dorsey tweeted in October. “Bitcoin mining should be as easy as plugging a rig into a power source.”

Bitcoin uses a proof-of-work or PoW (not prisoner of war) system, in which miners compete to solve complicated puzzles in order to validate transactions.

The procedure is not simple: it takes a significant amount of energy and computer processing capacity, both of which are not inexpensive. Computers, as well as other equipment, can be very expensive.

Block intends to address a variety of “customer pain points” and “technical issues” in the mining sector, says Thomas Templeton, the company’s general manager for hardware.

This will include mining rig availability, high price, dependability, and power consumption.

“For most people, mining rigs are hard to find. Once you’ve managed to track them down, they’re expensive and delivery can be unpredictable,” Templeton tweeted.

“How can we make it so that anyone, anywhere, can easily purchase a mining rig?” he says. “We want to build something that just works. What can we simplify to make this a reality?”