Fun

Jack Dorsey’s Payments Company Is ‘Officially Building an Open Bitcoin Mining System’

News Feed - 2022-01-17 07:01:57

Jack Dorsey"s Payments Company Is "Officially Building an Open Bitcoin Mining System"


In mid-October 2021, Twitter founder Jack Dorsey revealed the payments firm Block Inc. (formally Square) was considering joining the bitcoin mining industry. Three months later, Dorsey tweeted that his firm was “officially building an open bitcoin mining system.” The Block’s Hardware General Manager: ‘We See Bitcoin Mining as a Long-Term Need for a Future That Is Fully Decentralized and Permissionless’


Jack Dorsey and the Block’s hardware general manager Tom Templeton discussed the company’s focus on bitcoin mining this week. Templeton explained that three months ago the Block hinted at building a bitcoin mining system and the firm has ultimately decided to step into the field.


Templeton insists the goal is to make mining “more distributed and efficient in every way” and this includes maintenance, purchases, and setting up. “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,” Templeton tweeted.


Some of the problematic issues they had found people deal with when it comes to bitcoin mining include things like mining rig availability, machine reliability, and performance. “Some mining rigs generate unwanted harmonics in the power grid,” Templeton said. “They’re also very noisy, which makes them too loud for home use.”


Templeton further added that the company has evaluated a number of “IP blocks, open-source miner firmware, and other system software offerings.”


Moreover, the Block’s hardware team is building out a crew of application-specific integrated circuit (ASIC) and software designers. Alongside this, Templeton noted the firm is also hiring electrical engineers, analog designers, and layout engineers.


Data on January 16, 2022, shows there’s only a handful of ASIC bitcoin mining rig manufacturers today including Bitmain, Ebang, Canaan, Microbt, Innosilicon, Ipollo, and Strongu. Today’s top machines, in terms of profit per day and SHA256 terahash performance, are made by Bitmain, Ipollo, Microbt, and Canaan.


A single Bitmain Antminer S19 Pro (100 TH/s) can cost anywhere between $10K to $15K per unit. This machine, in particular, using today’s BTC exchange rates and $0.12 per kilowatt-hour in electricity will generate an estimated $16.23 per day in profits. Tags in this story Bitcoin (BTC), Bitcoin mining, Bitcoin mining solutions, bitcoin mining system, Bitcoin software, bitcoin tipping feature, Bitmain, Block Inc., BTC Mining, BTC Mining Rigs, Canaan, custom silicon, Dorsey, Hardware Tom Templeton, Ipollo, Jack Dorsey, Microbt, Silicon, Silicon development, Square, Square founder, The Block, tipping, Tom Templeton


What do you think about Jack Dorsey’s payment company the Block getting into bitcoin mining? Let us know what you think about this subject in the comments section below. Jamie Redman


Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today. Bitcoin"s Hashrate Taps New Lifetime High, BTC Price 20% Above Production Cost, Difficulty Nears ATH MINING | 1 day ago Georgia Goes After Crypto Miners Using Subsidized Electricity in Historic Town MINING | 3 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous article‘AWS for Web3’ Pocket Network Shakes Up Infrastructure of the Internet Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItNear Foundation Raises $150 Million to Bolster Web3 Adoption


On Thursday, the Near Foundation announced the project has raised $150 million from strategic investors such as Three-Arrows Capital, a16z, Mechanism Capital, Dragonfly Capital, and Circle Ventures. Following the announcement, the Near protocol’s native crypto asset jumped more than 7% ... read more.Russia’s Tinkoff Bank Enters Crypto Space Through Swiss Company Acquisition Kingdom of Tonga May Adopt Bitcoin as Legal Tender, Says Former Member of Parliament Survey: Proportion of South African Crypto Holders Grows to 11.3%, 56% of Crypto Owners Hold Bitcoin FTX Launches $2 Billion Venture Capital Fund Focused on Bolstering Blockchain, Web3 Adoption

News Feed

Shiba Inu Braces For Rally – Analyst Sees 35% Price Surge – Details
Este artículo también está disponible en español. This past few days has been quite the week for Shiba Inu, the second-largest meme coin by market valuation. The token sa
JPMorgan Predicts $146K Bitcoin Price as Competition With Gold Escalates
JPMorgan Predicts $146K Bitcoin Price as Competition With Gold Escalates JPMorgan’s analysts have made a case that bitcoin’s price could reach $146,0
VegaX Expands B2B Technology for Institutional Clients to Unlock Crypto Market
VegaX Expands B2B Technology for Institutional Clients to Unlock Crypto Market press release PRESS RELEASE. NEW YORK, April. 28, 2022 — VegaX Holdings (“VegaX”)
BONK Symmetrical Triangle Squeeze: Is A Mega Breakout Imminent?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitget in ‘active discussions’ to obtain India license
Helen Partz14 hours agoBitget in ‘active discussions’ to obtain India licenseBitget is currently operating in the Indian market but faces some issues with signing up new users due to certain regulatory limitations.14
Gareth Jenkinson9 hours ago48% fewer new crypto coders last year: ReportNewcomers account for the highest percentage of developers that have left the industry over the past 12 months.1062 Total viewsListen to article 0:0
Six of the Best Crypto Market Makers Supplying Liquidity in 2025
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Exchange Whale Ratio Hits New 2025 High — BTC Price At Risk?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Crypto Regulation Is Like a Flimsy Umbrella in a Monsoon
Crypto Regulation Is Like a Flimsy Umbrella in a Monsoon You know what they say, “when life gives you lemons, make lemonade.” But when it comes to protecting your crypt
MetaWars Launches Strong, Now Looking to the Future
MetaWars Launches Strong, Now Looking to the Future press release PRESS RELEASE. MetaWars, a space-themed play-to-earn blockchain game utilising high-tech NFTs, is looking forward t
What is Kelly criterion betting, and how to use it in crypto trading?
Onkar Singh9 hours agoWhat is Kelly criterion betting, and how to use it in crypto trading?Discover how the Kelly criterion betting strategy can enhance your crypto trading performance by optimizing risk management and m
Elon Musk Drops Epstein ‘Peanut’ Bomb — PNUT Coin Explodes 10%
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu