Jack Dorsey: Block will sell open source Bitcoin mining machines
Jack Dorsey: Block will sell open source Bitcoin mining machines

Jack Dorsey: Block will sell open source Bitcoin mining machines

By Vincenzo Cacioppoli - 19 May 2022

Chevron down

In January, former Twitter CEO Jack Dorsey, who had left the leadership of the social network to devote himself body and soul to his new blockchain company Block (formerly Square), announced that the company was working on a new project involving open source ASICs for Bitcoin mining.

Open source Bitcoin mining from Jack Dorsey’s Block company

block asic open source
Block’s new open source ASICs will allow Bitcoin to be mined in a completely decentralized way

Now everything would be ready to sell the first machines to mine Bitcoin in a completely decentralized manner.

An ASIC (Application-Specific Integrated Circuit) is a microchip custom-designed for a particular use.

In this case, Block aims to build an ASIC specifically for Bitcoin mining.

Thomas Templeton, Block’s hardware director, wrote in January: 

“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 decentralized and permissionless”.

Mission and vision of the Block company

Block’s new Bitcoin mining system aims to improve three aspects of mining: availability, reliability and performance. 

The goal is to make mining rigs easier to find and buy, while ensuring a consistent delivery experience. 

In a tweet on 15 October, when he first launched the idea, Dorsey had written that:

“Mining needs to be more distributed. The more decentralized this is, the more resilient the Bitcoin network becomes”.

According to these rumours, the company is now almost ready to launch the first new machines. However, this news has yet to be confirmed.

Block’s project from the outset seemed to take much longer. It is more likely that this is an initial test that will provide confirmation of the soundness of the research and development process carried out by Block in recent months.

Vincenzo Cacioppoli

Vincenzo was born in Genova but lived most of his life in Milan. He has a degree in political science. He is a journalist, blogger, writer, and marketing and digital advertising expert. After a long experience in traditional marketing, he started working with the web and digital advertising in 2011, creating a company called Le enfants. Passionate about the web and innovation, in 2018 he started exploring the topics related to blockchain technology and cryptocurrencies. Independent cryptocurrency trader since March 2018, he now collaborates with companies in the sector as a content marketing specialist. In his blog. mediateccando.blogspot.com, he has long been primarily focused on blockchain, which he considers to be the greatest technological innovation after the Internet. His first book about blockchain and fintech is scheduled for release in November.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.