Jack Dorsey's Block to build an open bitcoin mining system

Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the US House of Representatives Energy and Commerce Committee on "Social Media's Role in Promoting Extremism and Misinformation" in Washington, US, March 25, 2021. 
PHOTO: Reuters

Block Inc Chief Executive Officer Jack Dorsey said in a tweet on Thursday (Jan 13) that the fintech firm is building an open bitcoin mining system, as the newly re-branded company looks to expand beyond its payment business and into new technologies like blockchain.

In October, Dorsey said that Block, formerly Square, was considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.

In a tweet thread on Thursday, Block's general manager for hardware, Thomas Templeton, laid out the company's plans about building the mining system.

"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 decentralised and permissionless," Templeton tweeted.