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In mid-October 2021, Twitter founder Jack Dorsey revealed that payments company Block Inc. (formerly Square) was considering joining the Bitcoin mining industry. Three months later, Dorsey tweeted that his company was “officially building an open Bitcoin mining system.”
Block’s general manager of hardware: “We see bitcoin mining as a long-term need for a fully decentralized and permissionless future”
Jack Dorsey and Tom Templeton, general manager of hardware for The Block discussed The company focused on bitcoin mining this week.templeton explain Three months ago, Block hinted at building a bitcoin mining system, and the company finally decided to get into the field.
Templeton insists the goal is to make mining “more decentralized and efficient in every way,” including maintenance, purchases and setup. “We are interested because mining goes well beyond creating new bitcoins. We see this as a long-term need for a fully decentralized and permissionless future,” Templeton tweet.
They found that some of the issues people had with Bitcoin mining included the availability of mining equipment, machine reliability and performance. “Some mining equipment can create unwanted harmonics in the grid,” Templeton said. “They’re also quite loud, which makes them too loud for home use.”
Templeton further added that the company has evaluated a number of “IP blocks, open-source miner firmware, and other system software products.”
In addition, Block’s hardware team is assembling a pool of application-specific integrated circuits (ASICs) and software designers. Beyond that, Templeton noted, the company is also hiring electrical engineers, analog designers and layout engineers.
Data from January 16, 2022 shows that there are only a handful of ASIC Bitcoin miner manufacturers today, including Bitmain, Ebang, Canaan, Microbt, Innosilicon, Ipollo, and Strongu.today’s top machine, made by Bitmain, Ipollo, Microbt and Canaan in terms of daily profit and SHA256 terahash performance.
A single Bitmain Antminer S19 Pro (100 TH/s) costs between $10,000 and $15,000.This machine, especially with today’s Bitcoin The exchange rate and electricity of $0.12 per kWh would yield an estimated profit of $16.23 per day.
What do you think of Jack Dorsey’s payments company Block getting into Bitcoin mining? Let us know what you think about this topic in the comments section below.
Image Source: Shutterstock, Pixabay, Wiki Commons
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