In October 2021, Block’s CEO Jack Dorsey announced on Twitter his company’s intention to enter the software industry. mining of bitcoins. He had then mentioned the development of a system based on personalized silicon and which would be free of access for both individuals and companies around the world. Less than three months later, his vision seems to have become a reality as Block takes the first steps to build his revolutionary system of mining.
Return the mining of bitcoin accessible to all
One of the issues raised by Jack Dorsey was the fact that the mining of bitcoin needed to be distributed more. Currently, this is an expensive business and as such accessible only to a fraction of people. Block is therefore looking to the future to make the network more decentralized by totally democratizing the mining. “ the mining is not accessible to everyone. the mining bitcoin should be as easy as plugging a device into a power source “said Mr. Dorsey on his Twitter account.
The company has therefore resolved to return the miningof bitcoin more efficient by attacking the hardware. Thomas Templeton, chief hardware officer of Block, took to Twitter to announce the company’s first steps in this direction. He explained that Block started by reaching out to the community to find out about his experiences with mining , focusing on customer needs and specific technical challenges.
The main obstacles to overcome
These exchanges allowed the company to discover the main obstacles that will have to be overcome in order to set up its new system. These include in particular the availability and reliability of the equipment that is used to mine bitcoin. In addition, specialists have reported that the power consumption of these machines is too high for a miner to make a profit without joining a team.
Mr. Templeton confirmed that the company was already starting to form teams to examine the various problems in order to come up with a satisfactory solution. ” We are incubating this investigation within Block’s hardware team and are beginning to build a core engineering team of system, asics and software designers. They will work closely with other digital designers with mixed skills to develop the next generation of ASICs for the mining bitcoin “, did he declare.
The advent of new equipment that is more accessible and more economical for theminingbitcoin is sure to revolutionize the industry. In particular, it would break the hegemony ofpools of miningin the industry and will make it easier for enthusiasts to earn bitcoins from home.
Source: bitcoinist
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Luc Jose Adjinacou
Far from having dampened my enthusiasm, an unsuccessful investment in 2017 on a few cryptos only increased my enthusiasm. I therefore resolved to study and understand the blockchain and its many uses and to relay with my pen information relating to this ecosystem.
