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Block (formerly Square) is building a system for bitcoin miners

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Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., speaks during the Bitcoin 2021 conference in Miami, Florida, U.S., on Friday, June 4, 2021.

Eva Marie Uzcategui | Bloomberg | Getty Images

Jack Dorsey’s payments company Block (formerly Square) is going to start mining for bitcoin.

In a string of tweets, Block’s general manager for hardware, Thomas Templeton, laid out the company’s plans for next steps.

Templeton says the goal is to make bitcoin mining — the process of creating new bitcoins by solving increasingly complex computational problems — more distributed and efficient in every way, “from buying, to set up, to maintenance, to mining.”

The idea of…



Source cnbc.com

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