Jack Dorsey Realizes His Dream, Building An Open Bitcoin Mining System

Jack Dorsey builds an open Bitcoin mining system. (photo credit: pixabay)

JAKARTA - Block Inc's Chief Executive Officer, Jack Dorsey, made a statement in a tweet on Thursday, January 13 that his fintech company is building an open bitcoin mining system.

We’re officially building an open bitcoin mining system ✨ https://t.co/PaNc7gXS48

— jack⚡️ (@jack) January 13, 2022

Block Inc, the newly rebranded company, is looking to expand beyond its payments business in the US and into new technologies such as blockchain. It also shows Dorsey's determination to build a new business after leaving Twitter Inc.

In October Dorsey said that Block, formerly Square, was considering building a dedicated, open-source silicon-based bitcoin mining system for individuals and businesses around the world.

In October we announced that we’re considering building a bitcoin mining system, out in the open & alongside the community, and we’ve decided…we’re doing it! We thought we’d share some more details on how our initial discussions are going and where we’re headed next. https://t.co/wURxEKBpJ5

— Thomas Templeton (@TempletonThomas) January 13, 2022

In a tweet thread last Thursday, Block's general manager for hardware, Thomas Templeton, outlined the company's plans for building a mining system.

“We want to make mining more distributed and efficient in everything from purchasing to setup to maintenance to mining. We are interested because mining goes far beyond the creation of new bitcoins. We see it as a long-term need for a fully decentralized and permissionless future," Templeton tweeted.