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Seeking Alpha
2022-01-14 14:08:36

Block pushes ahead with plan to build a bitcoin mining system

Block (NYSE:SQ) is officially forging ahead with plans to build a bitcoin (BTC-USD) mining system. "We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining," Thomas Templeton, Block's general manager for hardware, said in a Twitter thread. "Mining goes far beyond creating new bitcoin (BTC-USD)," he added. "We see it as a long-term need for a future that is fully decentralized and permissionless." Templeton names several pain points that for customers that the company seeks to address — availability, reliability, and performance (especially noise and power consumption). "We are interested in performance *and* opensource *and* or own elegant system integration ideas," he said. Block (SQ) stock drops 1.8% in premarket trading, as bitcoin (BTC-USD) slides 4.3% to $42.3K. From earlier (Jan. 10), Block is seeking to recruit leader for bitcoin-mining chip team

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