BitRss.com latest World Crypto News

Search and discover the latest Cryptocurrency updated Stories in Categories

24-7 World Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources

Jack Dorsey’s Block to Build Open Bitcoin Mining System

The popular payments company, formerly known as Square, is venturing into the Bitcoin mining business, as confirmed by the boss in a tweet on January 14.
Block’s general manager for hardware, Thomas Templeton, stated that the firm was hiring a team in an effort to make mining “more distributed and efficient in every way, from buying, to set up, to maintenance, to mining,” before adding:
“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.”
We’re officially building an open bitcoin mining system https://t.co/PaNc7gXS48
— jack (@jack) January 13 , 2022

Bitcoin Mining Business
The Bitcoin mining ambitions were initially unveiled in October when Dorsey said that the firm was considering building a Bitcoin mining system “based on custom silicon and open source for individuals and businesses worldwide.”
Block wants to make Bitcoin mining accessible to anyone from their homes. The new system aims to solve problems with access to mining hardware, reliability, noise, and power consumption issues. Templeton elaborated:
“We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining.”
Templeton added that there are a number of “customer pain points” and “technical challenges” to overcome within the mining community.
He also stated that the company was open to making a new ASIC (application-specific integrated circuits), open-source miner firmware, and other system software offerings.
Dorsey, who believes BTC will replace the USD, departed Twitter in November to work more closely with Bitcoin. On January 12, CryptoPotato reported that the BTC bull had started a new fund to provide legal defense for Bitcoin developers.
Mining Ecosystem Latest
China’s loss in banning Bitcoin mining has been America’s gain. The U.S. now controls the lion’s share of the Bitcoin network hash rate, according to Cambridge University.
According to its mining map , which hasn’t been updated since August, the United States accounts for 35.4% of the global hash power. That figure is likely to be substantially higher now, considering the crackdowns that have been going on in other countries.
Environmentalists always cry foul when crypto mining is mentioned, but the majority of it in the U.S. is conducted with renewable energy, so in effect, the mining ecosystem is much greener now than it was when China dominated.
Featured image courtesy of CNBC

BitRss.com shares this Contents always with License.

Thank you for Share!

   
Tumblr
LinkedIn
Reddit
VK

WhatsApp
Telegram

Cool to know huh? Read the full Article

Read the full Article:  ⭲ Jack Dorsey’s Block to Build Open Bitcoin Mining System


Search about Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, only from Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

Today Most Popular News



SneakPeek Script
Setup, Upload and Go!