Jack Dorsey's Block to build an open bitcoin mining system


Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on "Social Media's Role in Promoting Extremism and Misinformation" in Washington, U.S., March 25, 2021. U.S. House of Representatives Energy and Commerce Committee/Handout via Reuters

(Reuters) - Block Inc Chief Executive Officer Jack Dorsey said in a tweet on Thursday that the fintech firm is building an open bitcoin mining system, as the newly re-branded company looks to expand beyond its payment business and into new technologies like blockchain.

In October, Dorsey said that Block, formerly Square, was considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.

In a tweet thread on Thursday, Block's general manager for hardware, Thomas Templeton, laid out the company's plans about building the mining system.

"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," Templeton tweeted.

(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)

Article type: metered
User Type: anonymous web
User Status:
Campaign ID: 1
Cxense type: free
User access status: 3
Join our Telegram channel to get our Evening Alerts and breaking news highlights

   

Next In Tech News

App to help blind people navigate public transit to debut in Washington
Sony plans to buy more game studios, grow with live services, PC
With the Rappi app, you can get a pizza – or a doctor – delivered directly to your door
In India, WhatsApp users can now access a host of official documents in-app
Touch ‘n Go says NFC-enabled card available for purchase again through ewallet, expect delays due to heavy traffic
Gaming, a new playing field for TikTok that could pay off
Canada customer data firm Telus makes $830 million play for Australia's Appen
YouTube removes over 9,000 channels, 70,000 videos about Ukraine war
Apple to increase pay for U.S. workers
Nearly one in five Amazon delivery drivers gets hurt on the job each year, new report says

Others Also Read