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Twitter founder Jack Dorsey's Payments Company Building an Open Bitcoin Mining System

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Indrani bose Follow

INDIA

Jan, 18 2022

Jan, 18 2022

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Twitter founder Jack Dorsey announced on Twitter that the payments firm Block Inc. formally known as Square officially building an open bitcoin mining system that will be open to individuals and businesses worldwide.

As per Chief executive officer Jack Dorsey, the digital payments company will focus on making it easier for anyone, anywhere to purchase a mining rig. In mid-October 2021 Dorsey first revealed that Block then known as Square was considering developing a mining system based on custom hardware, using an "open source" approach of working and sharing with the community. To join services together and to better represent the future of its business in cryptocurrencies and blockchain technologies Square changed its name to Block.

Jack Dorsey shared a further detailed series of tweets from Block's general manager Thomas Templeton, where he laid out the plans for the project. With a focus to set up mining bitcoin as the largest cryptocurrency by market value, more distributed and efficient in every way, Templeton highlighted buying, set-up, and maintenance.

Templeton further highlighted that the company has evaluated several IP blocks, open-source miner firmware, and other system software offerings. The problem they found that people deal with regarding bitcoin mining include things like mining rig availability, machine reliability, and performance.

Additional to this, Block’s hardware team is creating a crew of application-specific integrated circuits (ASIC) and software designers. The firm is also hiring electrical engineers, analog designers, and layout engineers.

Other bitcoin mining rig manufacturers:

As per data on January 16, 2022, today only there are a few ASIC bitcoin mining rig manufacturers comprises, Bitmain, Ebang, Canaan, Microbt, Innosilicon, Ipollo, and Strongu. Among them, the top machines in today's market in terms of profit per day and SHA256 terahash performance are Bitmain, Ipollo, Microbt, and Canaan.


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Indrani bose

CBW - External Analyst

INDIA

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