Co-founder and former CEO of Twitter, as well as the founder and CEO of Block Inc, a financial payments company, Jack Dorsey, tweeted on Friday that the fintech firm is building an open bitcoin mining system, as the newly re-branded company tries to diversify beyond its payment business and into new technologies such as blockchain.
“We’re officially building an open bitcoin mining system,” Dorsey tweeted.
In October, former Twitter CEO said that Block, formerly Square, was considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.
“Mining needs to be more distributed. The core job of a miner is to securely settle transactions without the need for trusted 3rd parties. This is critical well after the last bitcoin is mined,” he tweeted in October 2021.
On Friday, in a tweet thread, Block’s general manager for hardware, Thomas Templeton, outlined the company’s ambitions for constructing the mining system.