Twitter co-founder Jack Dorsey is launching a new project that would effectively revolutionize Bitcoin mining.
We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48
— jack⚡️ (@jack) January 13, 2022
Jack Dorsey’s Involvement in Bitcoin mining
Dorsey has left the management of the company that runs the famous social network and is devoting himself increasingly to his other company, Block.
Block is a financial company, formerly Square, and also trades Bitcoin. In fact, it is very likely that Dorsey has left Twitter to devote himself to new developments in Bitcoin.
The announcement made a few days ago directly on his personal Twitter profile concerns a new system for mining Bitcoin, which he describes as “open”.
Dorsey had already announced his intention to develop something similar in October 2021, when Block was still called Square.
Open source mining
The idea back then was to create a new Bitcoin mining system based on new purpose-built machines and open source code, all developed in collaboration with the community.
Until now, nothing like this had ever been attempted on a large scale. In fact, all major machines used for professional Bitcoin mining to date are developed by private companies who do not disclose all that would be necessary to know about them.
Bitcoin is a decentralized protocol, but if the producer of most mining machines is a single private company that does not disclose all the important information about its machines, there is a risk that the system is less decentralized than we think.
Dorsey’s project aims to disrupt this situation by creating machines whose operation is transparent, and understandable to everyone, right down to the details.
The news has already gone around the world, so much so that it has also been relayed by Reuters and Bloomberg, and this reveals how important Jack Dorsey’s role has become within the Bitcoin ecosystem, and therefore the global financial landscape.
Block’s goal is to make mining as distributed and efficient as possible, including the purchase and configuration of machines. It will do this by creating new ASICs, but it is not known when they will actually be put on the market.