Block, Dorsey Payments Company, started mining Bitcoin

Block Inc (formerly Square) will begin mining Bitcoin for individuals and businesses around the world using silicon-based and open-source mining.

Block co-founder Jack Dorsey first announced the idea on October 15, 2021, saying the mining industry needed to be more distributed and more profitable.

In a series of Twitter posts, Block's Director of Hardware, Thomas Templeton, outlines Block's future plans in this regard and improving mining security and user experience. of Bitcoin "buy, configure, manage, exploit more". Good luck. .

The project is incubated by Block's hardware team, which will work with a key engineering team of ASICs and software architects, led by Afshin Rezayee.

Templeton said the company is addressing a major impact on access: miner equipment available, expensive and hard to find mining equipment, and unsustainable shipments. The reliability of miners is due to heat and dust, the machine may be shut down every day, which will take a long time to restart, and some miners create problems between the network and make noise in their house. .

Templeton tweeted:

"Each miner needs less power and more power. Or in this phase we start measuring various IP blocks (because we plan to build new ASICs), open source miner firmware and other things using software."

Last year, Block Inc announced its third-quarter earnings report showing that Square's Cash App mobile payment app generated $1.82 billion in Bitcoin revenue.

In a split press release two days ago, Block Inc argued that the new name would not affect potential consumers with the massive tax plan H&R Block, which has sued financial services companies for trespassing in court Missouri Federal.