When Jack Dorsey shocked late last year with the news that he would no longer be Twitter’s CEO, we knew he was up to something. And another thing that we suspected is that this something for sure was related to the world of cryptocurrencies . Why? Well, just look at the biography of the controversial co-founder and former CEO of Twitter to find out (it literally just says “Bitcoin”).
Our suspicions were correct. Jack Dorsey has revealed that his company Block, dedicated to boosting the cryptocurrency market, is working on an open source mining system with the aim of making this activity more accessible to everyone.
The ex-CEO of Twitter wants to decentralize Bitcoin mining
With the increase in the value of cryptocurrencies, the scarcity of the necessary equipment for mining and the high cost of the same, the fear has arisen that this activity is being centralized in a small group of miners . To deal with this situation, Jack Dorsey and his company Block are working on an open source mining system. This with the aim of decentralizing cryptoactive mining as revealed in the following tweet.
We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48
— jack⚡️ (@jack) January 13, 2022
The ex-Twitter CEO quotes the thread from Block’s general manager of hardware, Thomas Templeton, who explained the goals of this project. This ensures that the open mining system will make Bitcoin mining easily available to everyone . In addition, it also seeks to optimize the efficiency of the process in terms of energy.
Another thing he revealed is that Block is evaluating the possibility of designing its own ASIC (application-specific integrated circuit) for Bitcoin mining . They will also include a team of software developers in the company. All this in order to design an optimized and high-performance mining system that is also open source.
To conclude, Dorsey himself has issued a statement summarizing his company’s intentions: “Bitcoin mining should be as easy as plugging a computer into a power source.” And you… What do you think of the Twitter co-founder’s plans?
