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Block will build an open bitcoin mining system.  Wants to facilitate the extraction of cryptocurrency

Block will build an open bitcoin mining system. Wants to facilitate the extraction of cryptocurrency

Block, the group of companies started by Twitter founder Jack Dorsey, now states that it plans to develop an open system for generating bitcoin cryptocurrency.

Dorsey has always been a supporter of Bitcoin and now wants to make it easier and more efficient to mine. On Twitter, Block’s hardware manager Thomas Templeton describes what their plans for this might look like. Block’s plans not only include the actual mining of bitcoin, but also want to simplify other parts of the process, including trading and managing bitcoin.

The idea behind what Block is trying to develop now is that bitcoin mining will be more decentralized and less energy-intensive than it is today. Among other things, it plans to investigate how to develop cheaper hardware to mine bitcoin and make mining more energy efficient. This could mean that most people will be able to contribute to mining bitcoin, something that larger players who have access to large cryptocurrencies are doing today and can pay high electricity bills. This was something Dorsey had already mentioned in October of last year, when Block was still going by the Square name, after which he wrote, among other things, on Twitter:

“Square is thinking about building a dedicated, open-source Bitcoin mining ecosystem for individuals and businesses around the world. If we do that, we will follow our hardware wallet model: building on the open in collaboration with the community.”
Mining needs more distribution. The primary task of a miner is to securely settle transactions without the need for trusted third parties. This is critical after the last Bitcoin has been mined. The more decentralized this is, the more resilient the Bitcoin network.
Mining should be more efficient. The push towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability. Energy is a system-wide problem that requires innovation in silicon, software, and integration.
Mining is not within everyone’s reach. Bitcoin mining should be as easy as connecting a rig to a power source. There is not enough incentive today for individuals to overcome the complexity of operating a miner for themselves. “

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When we can see an open system for extracting bitcoins from Block, there is no information about it yet.

cnbc.com

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Block, Twitter, Jack Dorsey, Bitcoin, CryptoValuator