Open Bitcoin Mining System – Twitter founder Jack Dorsey stated in mid-October 2021 that payments business Block Inc. (formerly Square) was exploring entering the bitcoin mining market. Dorsey announced three months later that his company was “officially constructing an open bitcoin mining system.” We See Bitcoin Mining as a Long Term Need for a Future That Is Fully Decentralized” says The Block’s Hardware General Manager.
Some months back, Jack Dorsey and Tom Templeton, the Block’s hardware general manager, discussed the company’s focus on bitcoin mining. Templeton revealed that the Block hinted at constructing a bitcoin mining system few months ago, and the company has now decided to enter the market.
People Also Read: Crypto Miners in Kazakhstan Start Paying Higher Electricity Fees
The idea, according to Templeton, is to make mining “more distributed and efficient in every manner,” including maintenance, purchasing, and setup. “We’re intrigued because mining is about a lot more than just creating new bitcoins.”
Templeton tweeted, “We see it as a long-term need for a future that is totally decentralized and without permission.” They discovered that consumers had problems with things like mining rig availability, machine reliability, and performance when it comes to bitcoin mining. “Unwanted harmonics in the power system are generated by some mining rigs,” Templeton stated. “They’re also quite loud, making them unsuitable for usage at home.”
Also Read: Metaverse Statistics Facts For 2022
Open Bitcoin Mining System Outlook
Templeton also stated that the company has reviewed a number of “IP blocks, open-source miner firmware, and other system software options,” according to Templeton. Furthermore, the Block’s hardware team is assembling a team of application-specific integrated circuit (ASIC) and software engineers.
Templeton also mentioned that the company is looking for electrical engineers, analog designers, and layout engineers. Only a few ASIC bitcoin mining rig manufacturers exist now, according to data from January 16, 2022, including Bitmain, Ebang, Canaan, Microbt, Innosilicon, Ipollo, and Strongu. Bitmain, Ipollo, Microbt, and Canaan make the best machines nowadays in terms of profit per day and SHA256 terahash performance.
The cost of a single Bitmain Antminer S19 Pro (100 TH/s) can range from $10K to $15K. Using today’s BTC exchange rates and $0.12 per kilowatt-hour electricity, this machine will make an estimated $16.23 per day profit. Open Bitcoin Mining System – What are your thoughts on Jack Dorsey’s new payment startup of the Block entering the bitcoin mining business?