Block, formerly known as Square, is known for aggressively adopting cryptocurrencies. As per a recent turn of events, it is evident that the firm is looking to build an open-source system for Bitcoin mining, one of the most controversial aspects of the world’s biggest cryptocurrency.
Block hiring new engineers
Without hiring new engineers, it is not possible to build an infrastructure for Bitcoin mining. On the other hand, Thomas Templeton, general manager for the hardware of Block, revealed via a tweet that the infrastructure for a Bitcoin mining system has been in talks since October. Finally, the firm has decided to act.
Templeton further added:
“In October, we announced that we’re considering building a bitcoin mining system, out in the open & alongside the community, and we’ve decided… we’re doing it!”
As per a series of tweets, Templeton revealed that Block wants to make Bitcoin mining “more distributed and efficient in every way, from buying, to set up, to maintenance, to mining.”
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.
— Thomas Templeton (@TempletonThomas) January 13, 2022
Templeton revealed that Block figured out a few “pain points” for Bitcoin miners or those looking to get their hands deep in the process. Here’s a summary of those points:
- Availability: People find the search for mining rigs very difficult and expensive with unpredictable delivery.
- Reliability: Heat dissipation and dust make rigs require reboot almost every day.
- Performance: Some mining rigs are very noisy but, miners require lower power and higher hashrates.
Templeton pointed out that Block needs to create such a system that nullifies all these “pain points” and makes Bitcoin mining a convenient and profitable activity.
Block is currently building a team of system, ASIC, and software designers to create the Bitcoin mining system.
Templeton further tweeted:
“For this project, we started with evaluating various IP blocks (since we’re open to making a new ASIC), open-source miner firmware, and other system software offerings.”