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

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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.

 

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