BITCOIN FOR ALL? TWITTER'S EX-BOSS JACK DORSEY BUILDING BITCOIN MINING SYSTEM - DETAILS

Jack Dorsey and his payments business, Block (previously Square), is expanding its bitcoin mining goals beyond chip design to the development of a whole bitcoin mining infrastructure, he posted on platform X. In a statement on Tuesday, the global tech business said that it had completed development of its own independent three-nanometer bitcoin mining chip and was currently working through the design with a "leading global semiconductor foundry."

What is Bitcoin mining system?

Jack Dorsey, the founder of Twitter (now known as X), launched another startup, Block. They're aiming to make it easier for anyone to produce bitcoins, a process known as mining. Block created a small yet powerful computer chip that can assist with bitcoin mining. They also intend to develop an entire mining system, rather than simply the chip.

In order to understand their issues, Block spoke with a large number of bitcoin miners. Their goal is to make mining accessible to anyone, not just large corporations. Mining is difficult right now since the necessary equipment is expensive and difficult to obtain.

According to Dorsey, mining ought to be as easy as plugging anything into the wall. He is concerned since the majority of mining chips are produced in China, and China has a negative view on bitcoin.

Bitcoin mining should not monopolised

Block's main goal is to ensure that bitcoin mining is not monopolised by any one nation or business. To make it equitable and secure, they wish to distribute it. Although they didn't provide many specifics, they had been considering this since 2021. Their goal is to reduce noise and increase dependability in mining.

This announcement came after significant "Bitcoin Halving" event, that happens after every four years which makes issue new bitcoins more difficult. In order to ensure that everyone has equal access to bitcoin and doesn't require authorization to mine, Dorsey thinks it's critical to simplify the mining process.

Lastly, Block is also supporting a company called Gridless that uses clean energy to mine bitcoins in Africa.

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2024-04-24T12:22:56Z dg43tfdfdgfd