Jack Dorsey's payments company, Block, is building its own bitcoin mining system

  • 📰 NBCNewYork
  • ⏱ Reading Time:
  • 30 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 15%
  • Publisher: 63%

News News

Nigeria Nigeria Latest News,Nigeria Nigeria Headlines

The company, formerly known as Square, now building a full bitcoin mining system.

Jack Dorsey says that his payments company, Block , is expanding its bitcoin mining ambitions from designing chips to developing a full bitcoin mining system.

"We've spent a significant amount of time talking to a wide variety of bitcoin miners to identify the challenges faced by mining operators," Block writes."Building on these insights and pursuant to our goal of supporting mining decentralization, we plan to offer both a standalone mining chip as well as a full mining system of our own design.

Block said in its memo on Tuesday that the goal of this project is to both decentralize the supply of bitcoin mining hardware and the distribution of hashrate — a proxy for industry competition and mining difficulty.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 270. in NG

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Jack Dorsey's payments company, Block, is building its own bitcoin mining systemThe company, formerly known as Square, now building a full bitcoin mining system.
Source: NBCDFW - 🏆 288. / 63 Read more »