Fin-tech firm Block Inc. of Jack Dorsey to build open bitcoin mining system

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Fin-tech firm Block Inc. of Jack Dorsey to build open bitcoin mining system
Fin-tech firm Block Inc. of Jack Dorsey to build open bitcoin mining system

Dorsey, in October had said that the fin-tech firm – Block, formerly known as Square, was considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide

Jack Dorsey, Chief Executive Officer of Block Inc., on Thursday, said in a tweet that the fin-tech 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 block-chain.

Dorsey, in October had said that the fin-tech firm – Block, formerly known as 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, the company’s plans about building the mining system were laid out by Thomas Templeton, the fin-tech firm’s general manager for hardware.

“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 permission-less”, Templeton tweeted.

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