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


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.

Indrani bose
CBW - External Analyst
INDIA