Block, Dorsey’s Payments Firm, Has Started Mining Bitcoin

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Block Inc, formerly known as Square, will begin mining Bitcoin for individuals and businesses worldwide with their custom silicon and open-source mining system.

On October 15, 2021, Block co-founder Jack Dorsey proposed the notion, stating that mining should be more distributed and efficient.

In a series of Twitter posts, Thomas Templeton, Block’s general manager of hardware, explained Block’s plans for this, stating that the company hopes to improve the reliability and user experience of mining, making the process of creating bitcoin more efficient from purchase to setup, maintenance, and mining.

The project is being developed by Block’s hardware team, which will collaborate with a system ASIC core engineering team and software designers led by Afshin Rezayee.

Templeton stated that the firm is tackling major entrance hurdles such as the availability of miners, the cost of and difficulty in finding mining rigs, and the unpredictability of deliveries. In addition, the dependability of the miners is affected by heat dissipation and dust, and the machine might be left unattended every day, taking a long time to restart, and certain mining rigs cause damaging harmonics in the grid, as well as a lot of noise at home.

Block Inc released its third-quarter financial report last year, revealing that the mobile payment software Cash App, which Square owns, generated $1.82 billion in Bitcoin income.

Block Inc presented a legal case in a Missouri federal court two days ago, claiming that its new name will not confuse potential clients with tax-preparation behemoth H&R Block, which has launched a trademark infringement complaint against the financial-services company.

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