Jack Dorsey reveals bitcoin mine plan – RT Business News

His company hopes to address “technical challenges” in the cryptocurrency community

Block founder and CEO Jack Dorsey said Thursday that his fintech company is building an open bitcoin mining system as it looks to expand beyond its payment business and into new technologies like blockchain.

“We are officially building an open bitcoin mining system,” he tweeted.

In a tweet thread, Blocks general manager of hardware, Thomas Templeton, laid out the company’s plans. “We want to make mining more distributed and efficient in every way, from purchasing, to setup, to maintenance to mining. We are interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a a future that is fully decentralized and unlicensed, “ he said.

Templeton noted that there are a number “customer’s pain points” and “technical difficulties” in the mining community, which Block hopes to address, such as the availability of mining rigs, high cost, reliability and power consumption.

“For most people, mining rigs are hard to find. Once you have managed to track them, they are expensive and delivery can be unpredictable.” he said, adding: “How can we do that so anyone, anywhere, can easily buy a minefield? We want to build something that just works. What can we simplify to make this a reality?”

Block is developing a hardware team of engineers and software designers to assess these issues, he explained.

Back in August, Dorsey, who owns bitcoin, said he is “samples” that my bitcoin itself. “Mining is not available to everyone,” he tweeted later in October and added it “Bitcoin mining should be as easy as connecting a rig to a power source.”

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