Twitter co-founder announces that his financial company Block will develop its own open source system to mine bitcoins

Jack Dorsey, co-founder and former CEO of Twitter, confirmed this Thursday that his financial services company, Block, will launch an open source system to mine bitcoins, a technology that considered develop since October last year.

According explained Block’s general manager of hardware, Thomas Templeton, the system aims to make mining equipment production “more distributed” and more efficient in every way, “from purchase, installation and maintenance.”

In this sense, he stressed that having the opportunity to freely mine cryptocurrencies is a “necessity” to achieve a “completely decentralized” future.

Likewise, he pointed out that his system will try to solve the “technical challenges” that miners constantly face, such as the availability and reliability of the equipment, since they are generally expensive and difficult to obtain, and they tend to present constant failures due to problems with the heat dissipation as well as high power consumption.

At the moment, according to Templeton, Block is beginning to assemble a multidisciplinary team to form the core team of engineers who will develop the system, so he did not advance a tentative launch date.

Dorsey’s confirmation of creating his own technology to mine virtual currency comes a day after he proposed the creation of a legal aid and defense fund, which seeks to support bitcoin developers who are the subject of litigation by the activities they carry out in the cryptocurrency ecosystem.

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