Twitter founder Jack Dorsey announced that his payments company, Block Incorporated, is officially building an open Bitcoin mining system. This new initiative is reportedly going to resolve the current problems with regard to mining cryptocurrencies, including the flagship crypto-asset.
We think the new project of Mr. Jack Dorsey and his payments provider, Block Incorporated, is very important at this point. We believe their new open Bitcoin mining system will end the years-long dilemmas that have bedeviled cryptocurrency miners.
Based on the report posted online by virtual currency magazine CFX Magazine, Block Incorporated had discovered that there had been several setbacks cryptocurrency miners have to deal with regarding Bitcoin mining. Among these complications are virtual currency mining machine performance and the Bitcoin mining rigs’ availability and reliability.
Tom Templeton is Block Incorporated’s hardware general manager. He affirmed that their open Bitcoin mining system is the solution as some mining rigs generate undesirable harmonics in the power grid.
Templeton remarked that these mining rigs are also very noisy, making them too loud for home utilization. Block Incorporated’s hardware general manager and Dorsey had discussed their firm’s concentration on Bitcoin mining.
They confirmed that their discussion three months ago about officially building an open Bitcoin mining system is now a reality. Templeton pointed out that this new service consists of setting up, purchases, and maintenance and that their target is to make Bitcoin mining more efficient and distributed in every way.
He remarked that the open Bitcoin mining system is a relevant project because mining goes far beyond making new Bitcoin. Templeton relayed that they at Block Incorporated see mining the flagship virtual currency as a long-term need for a future that is fully permissionless and decentralized.
Block Incorporated’s executive shared that they had evaluated several Internet Protocol or IP blocks, open-source miner firmware, and other system software offerings. He also cited that they are recruiting layout engineers and analog designers and that their hardware team is creating a crew of application-specific integrated circuit or ASIC and software designers.
We think Block Incorporated’s new project of building an open Bitcoin mining system is very significant. We gathered that Mr. Dorsey’s group was able to identify the important issues that need resolution in cryptocurrency mining.
We also learned that late last year, Block Incorporated, which was formerly known as Square, affirmed that it was looking into joining the Bitcoin mining market. This month, we understand that Mr. Dorsey’s payments company has already entered the field.
We believe Block Incorporated’s open Bitcoin mining system can help resolve the existing predicaments the mining field has today.
We also think this project will help entice more cryptocurrency enthusiasts to engage in virtual currency trading, investing, and mining, considering Mr. Dorsey’s company’s new service, which we believe will be a pertinent breakthrough solution.