Your Web News in One Place

Help Webnuz

Referal links:

Sign up for GreenGeeks web hosting
January 14, 2022 01:46 pm

Jack Dorseys Block is working to decentralize Bitcoin mining




Bitcoin Conference Draws Cryptocurrency Fans To Miami
Photo by Joe Raedle/Getty Images



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...



Continue reading…




Original Link: https://www.theverge.com/2022/1/14/22883500/jack-dorsey-block-bitcoin-mining-system-open-source-mainstream

Share this article:    Share on Facebook
View Full Article

The Verge

The Verge is an ambitious multimedia effort founded in 2011

More About this Source Visit The Verge