Former Twitter CEO, Jack Dorsey, said he is currently planning to build a bitcoin mining system.
He plans to do this together with his other company, Block (formerly known as Square).
“We are officially building an open bitcoin mining system,” Dorsey tweet tweeted
Launching from CNBC, Friday (14/1/2021), the goal of developing this project is to make mining bitcoin, the largest cryptocurrency by market value, more distributed and efficient.
Bitcoin operates on a proof-of-work (PoW) model, where miners must compete to solve complex puzzles to validate transactions.
The process is not easy, requires a lot of energy and computer power, which is not cheap. The computer itself, along with other equipment, can also be very expensive.
It was also recognized that there were still a number of weaknesses and other technical challenges in the mining community that Block wanted to address, including the availability of mining rigs, high prices, reliability and power consumption.
"For most people, mining rigs are hard to find. Once you've managed to track them down, they can be expensive and delivery unpredictable," tweeted Thomas Templeton, General Manager for Hardware.
"How can we make it so that anyone, anywhere, can easily buy a mining rig?" he explained again.
So to address this issue, Block is currently developing a team of hardware engineers and software designers to assess these questions.
"Developing a product is not a solo journey, and evaluating existing technology has always been part of our practice," he said.