Twitter co-founder announces that his financial company Block will develop its own open source system to mine bitcoin

Published:

14 Jan 2022 16:11 GMT

With the development of this technology, Jack Dorsey’s firm seeks to solve the “technical challenges” that cryptocurrency miners often face, such as the availability of equipment, as well as high cost and poor reliability.

Jack Dorsey, co-founder and former CEO of Twitter, confirmed this Thursday that his financial services company, Block, will launch an open source system for mining bitcoins, technology that considered develop since October last year.

According explained Block hardware general manager Thomas Templeton said the system aims to make the production of mining equipment “more distributed” and more efficient in every way, “from purchase, installation and maintenance.”

In this sense, he stressed that having the opportunity to freely mine cryptocurrencies is a “necessity” to achieve a “completely decentralized” future.

Likewise, he pointed out that his system will try to solve the “technical challenges” that miners constantly face, such as the availability and reliability of the equipment, since they are generally expensive and difficult to obtain, and they tend to present constant failures due to problems with the heat dissipation as well as high power consumption.

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At the moment, according to Templeton, Block is beginning to form a multidisciplinary team to form the core team of engineers that will develop the system, so he did not advance a tentative launch date.

Dorsey’s confirmation of the creation of his own technology to mine the virtual currency comes a day after he proposed the creation of a defense and legal assistance fund, which seeks to support bitcoin developers who are the subject of litigation for the activities they develop in the cryptocurrency ecosystem.

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