Jack Dorsey's small business platform, Square, whose name was later changed to Block last year, is reportedly building a crypto mining system for Bitcoin miners. According to the company executive on Thursday, Jan. 13, the team is now preparing to launch it this 2022.
Block Builds Bitcoin Mining System
In a report by Bloomberg, Block's general manager for hardware, Thomas Templeton, said that the company wanted to create more mining sites that are efficient in every way. They want to distribute it to target customers who are interested in crypto 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," the Block official said.
Templeton added that the project for the crypto mining platform will take place "out in the open" and even alongside the whole community.
This news is in addition to an early hint teased by CEO Jack Dorsey back in October 2021. According to the team behind Block, they are now seeking ways to provide users with more accessible mining tools.
We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48— jack⚡️ (@jack) January 13, 2022
Block Prioritizes Mining Equipment
On top of that, the payment firm is thinking about the reliability of the equipment that will be used on the day of its launch. In addition, they are also including the power consumption and the amount of noise that the tools will generate in the process.
The main aim of Block is to make Bitcoin accessible for mining, especially since majority of the users are at home right now.
Following this project, Dorsey previously said that Bitcoin could one day be one of the most dominant cryptocurrencies on the internet. In line with the announcement, the former Twitter CEO believed that this asset could dictate the global movement of money in the long run.
Upon his departure from the social media platform, Dorsey was succeeded by Parag Agrawal, the current Twitter boss.
Block Ventures Bitcoin Wallet
Besides its fixed plan to construct a bitcoin mining system, Block is also interested in creating its own crypto wallet for Bitcoin. Last February, it kept a crypto asset worth $170 million in it.
Earlier this week, CoinDesk reported that Dorsey laid out his proposal about the legal defense fund for Bitcoin developers via email last Wednesday, Jan. 12.
Last month, Tech Times reported that Block has faced a lawsuit for having a similar name and logo with another company H&R block. According to the report, the latter asked Dorsey to refrain from using its green square logo and identity.
The involved firm mentioned that Block has "improperly" capitalized on the consumer trust and goodwill that it established in 1955, the founding year of the H&R Block.
H&R Block CEO Jeff Jones clarified that the lawsuit will prevent users from being confused regarding the rebranding of Block.
This article is owned by Tech Times
Written by Joseph Henry