Jack Dorsey reveals bitcoin mining plan

Jack Dorsey reveals bitcoin mining plan

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

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

In a tweet thread, Block's general manager for hardware, Thomas Templeton, laid out the company's plans. “We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. 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,” he said.

Templeton noted that there are a number of “customer pain points” and “technical challenges” in the mining community that Block hopes to address, such as mining rig availability, high price, reliability, and power consumption.

We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48

“For most people, mining rigs are hard to find. Once you’ve managed to track them down, they’re expensive and delivery can be unpredictable,” he said, adding: “How can we make it so that anyone, anywhere, can easily purchase a mining rig? 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 those questions, he detailed.

Back in August, Dorsey who owns bitcoin, said that he’s “trying” to mine bitcoin himself. “Mining isn’t accessible to everyone,” he tweeted later in October, adding that “Bitcoin mining should be as easy as plugging a rig into a power source.”

For more stories on economy & finance visit RT's business section

Source: www.rt.com

The last notes - Экономика

most read news

#Экономика

Authorities in Warsaw have allowed citizens to forage for firewood in forests to keep their homes heated amid spiralling energy costs. Poland is in the midst of a coal shortage after banning Russian
подробнее...

Polish companies have limited the sale of coal in the country after blocking imports from Russia, Deputy Minister of State Assets Piotr Pyzik said during his speech in Parliament on Friday.He
подробнее...

If a fresh wave of government assistance is not released immediately, some 500,000 small businesses in the UK will go bankrupt within weeks, the chairman of the Federation of Small Businesses (FSB)
подробнее...

The White House fears that the confiscation of Russian assets could damage its reputation, the New York Times reported on Tuesday.According to the newspaper’s sources, top officials in President Joe
подробнее...

Komatsu, Japan’s largest construction and mining equipment manufacturer, has resumed deliveries to Ukraine, halted after the launch of Russia’s military offensive, the Nikkei newspaper reported on
подробнее...

An embargo on Russian natural gas would seriously affect the German economy, as well as society, Labor Minister Hubertus Heil said in an interview with news outlet Funke, published on Saturday.“We
подробнее...

The European Commission on Friday announced the introduction of an anonymous online platform for people to report any violations of sanctions on Russia and Belarus.“Aware of anyone violating EU
подробнее...

The Haidach underground gas storage facility in Austria may not be refilled by the next heating season due to a conflict between Berlin and Moscow over the seizure of Gazprom’s German subsidiary,
подробнее...

Shipments of Russian oil to India exceeded 396,000 tons in March, according to the Ministry of Commerce. That is more than a 15% rise from the previous month and a 40% increase on an annual
подробнее...

The globe’s top reserve currencies, the US dollar and euro, have become “toxic” for Russia, Finance Minister Anton Siluanov said on Friday.“The American and European currencies are toxic for us. What
подробнее...

The liquefied natural gas (LNG) market could be hit with a potentially historic shortage this winter as the world rushes to secure the super-chilled fuel, Bloomberg reported this week, citing
подробнее...

Russia has restricted the export of noble gases, including neon, in an apparent tit-for-tat response to the fifth round of sanctions imposed by the EU in April.The government decree, published on
подробнее...

Russian oil major Rosneft plans to file a lawsuit against the US Treasury Department, the company’s spokesman Mikhail Leontyev told the newspaper Vedomosti this week. Rosneft’s decision followed
подробнее...

Russia made coupon payments on two outstanding Eurobonds in foreign currency on Friday, Reuters reported, citing a representative from Russia’s National Settlement Depository (NSD).The coupons on
подробнее...

Russian banking giant Sberbank has been disconnected from the SWIFT global financial messaging system under a new set of sanctions approved by European Union leaders on Monday.“This sanctions package
подробнее...

Major producers of food and beverages in Japan are planning to raise prices for 3,615 items from June, while the total number of items that are expected to see price hikes will total some 8,400 this
подробнее...

Gas flow from Germany to France has been halted, French gas transmission system operator GRTgaz reported on Friday, adding that the nation hadn’t received any natural gas from Russia via the pipeline
подробнее...

Prices for food in German grocery stores will keep growing and are set to surge another 10% this year, Germany’s Handelsblatt newspaper reported on Sunday, citing the latest analysis by international
подробнее...