The payments-focused company formerly known as Square, now called Block, has officially announced its intention to join the bitcoin mining game.
According to The Block, Jack Dorsey initially teased such a move late last year, highlighting a possible bid to be “based on custom silicon and open source for individuals and businesses worldwide.” Now, statements from Block executives, as well as recent job postings, offer more specifics on what that venture will look like, reports The Block article.
In a Twitter thread, its general manager for hardware, Tom Templeton, elaborated on the decentralisation focus: “We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining. 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.”