Tue, May

Jack Dorsey's Payment Company To Build Bitcoin Mining System

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Former Twitter CEO, Jack Dorsey has on Thursday announced that his Fintech startup, Block (formerly known as Square ) is building an open bitcoin mining system, making bitcoin mining easier for miners. “We’re officially building an open bitcoin mining system,” Dorsey said in a Tweet. “If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community,” he added.

The new mining system is in line with the company's revamp expanding beyond payment services into technologies like blockchain.

In a post on Twitter, Block's general manager for hardware, Thomas Templeton said "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".

In October, Dorsey disclosed that Square was considering building a bitcoin mining system.