Jack Dorsey’s Block On Why Its Bitcoin Mining Foray Is A ‘Long-Term Need’ For A Decentalized Future – Bitcoin – United States Dollar ($BTC), Square (SQ)

block you (NASDAQ:SQ), formerly known as Square, is low maintenance, reliable, and affordable Bitcoin (CRYPTO: BTC) A miner that aims to remove mining pain points.

What happened: “We are Officially Building an Open Bitcoin Mining System,” CEO of Block Jack Dorsey Tweet Thursday.

Dorsey’s tweet was in response to a post from Block’s General Manager Hardware Thomas Templeton Who shared the company’s payment details for mining on Twitter route.

Templeton said that Block was interested in mining because it goes beyond creating new bitcoins.

“We see it as a long-term need for a fully decentralized, unlicensed future,” said the Block executive.

The Templeton thread on Twitter spanned three heads – availability, reliability, and performance. Mining rigs are hard to find for most people – they are expensive and delivery uncertain, he said.

Templeton then explained the difficulty of using the devices, noting the dual challenges of heat and dust.

Mining rigs “get down nearly every day, which requires a time-consuming restart. We want to build something that just works,” Templeton said.

The executive said that some mining rigs “generate unwanted harmonics in the power grid. They are also very noisy, which makes them too loud for home use.”

When developing the mining block strategy, Templeton said the company was interested in “performance,” “open source,” and its “elegant system integration ideas.” He noted, “Product development is never a solo journey.”

See also: How to Buy Block Shares (SQ)

why does it matter: Block is embracing mining exploration in its hardware team and has started building a core engineering team of system and application-specific integrated circuit (ASIC) and software designers. This team will be led by the leader of Block’s Bitcoin Mining company Afshin Rezaei, according to Templeton.

This month, Block began working on its own ASIC mining. At the time, Dorsey said that “mining needs to be more distributed.”

On Wednesday, Dorsey created the Bitcoin Legal Defense Fund to provide financial assistance to Bitcoin developers who may find themselves facing unjustified legal action.

Last month, Square rebranded Square as Block. At the time, the company said that block is used for many meanings including blockchain.

price movement: On Thursday, Block shares traded 5.9 percent lower at $136.95 in the regular session. Shares fell 0.2 percent in after-hours trading. At the time of writing, BTC is trading down 2.9% at $42,627.96.

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