Cryptocurrencies

Jack Dorsey’s Block Confirms Plans for Bitcoin Mining System

  • Block plans to build a mining system ‘out in the open’
  • Dorsey, a major Bitcoin proponent, teased idea back in October

Jack Dorsey

Photographer: Eva Marie Uzcategui/Bloomberg
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Block Inc., the payments company formerly known as Square, is building a Bitcoin mining system and hiring a team for the effort, an executive said Thursday.

“We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining,” Thomas Templeton, the company’s general manager for hardware, said on Twitter. “We’re interested because mining goes far beyond creating new Bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless.”