(Reuters) - Block Inc Chief Executive Officer Jack Dorsey said in a tweet on Thursday that the fintech firm is building an open bitcoin mining system, as the newly re-branded company looks to expand beyond its payment business and into new technologies like blockchain.
(Reuters) – Block Inc Chief Executive Officer Jack Dorsey said in a tweet on Thursday that the fintech firm is building an open bitcoin mining system, as the newly re-branded company looks to expand beyond its payment business and into new technologies like blockchain.
In October, Dorsey said that Block, formerly Square, was considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.
In a tweet thread on Thursday, Block’s general manager for hardware, Thomas Templeton, laid out the company’s plans about building the mining system.
“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,” Templeton tweeted.
(Reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber)
Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV. Learn more about Thomson Reuters products: