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January 14, 2022 01:46 pm

Jack Dorseys Block is working to decentralize Bitcoin mining

Bitcoin Conference Draws Cryptocurrency Fans To Miami
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Block, the payment company formerly known as Square, is working on building an “open Bitcoin mining system,” its CEO Jack Dorsey has announced. In a thread, Block’s general manager for hardware Thomas Templeton outlined the company’s goals for the system, which is for it to be easily available, reliable, performant, and relatively power efficient compared to its hashrate.

The overall aim is to make mining more decentralized, in turn making the overall Bitcoin network more resilient. As the cryptocurrency’s value has increased, and it’s become more challenging to mine without economies of scale, there have been fears that the network has become centralized on too small a group of miners. Making mining more decentralized is “a long-term...

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