Block Confirms Plans to Create an Open Bitcoin Mining System

Summary: Block CEO Jack Dorsey teased back in October the company’s interest in building its own bitcoin mining silicon. He provided a detailed list of issues that need to be addressed, including making mining more decentralized, efficient and affordable, and expanding silicon development beyond the handful of companies that currently specialize in this area.

The block confirmed plans for the further development of the project. Thomas Templeton, Block General Manager of Equipment, repeated the importance of making mining more distributed and efficient as it goes far beyond the creation of new coins.

Block’s team spoke to members of the mining community and found that for most, mining farms are expensive and delivery can be unpredictable. Reliability is also an issue, as things like heat dissipation and dust buildup can contribute to frequent crashes that require a reboot. “We want to create something that just works,” said Templeton.

Unsurprisingly, Templeton found that miners everywhere want lower power consumption and higher hash rates. Finding the right balance of performance, power consumption and noise is critical.

The block is also considering which technology to implement and which industry partners to partner with.

To help get the ball rolling, Blok is building a core engineering team of systems, ASICs and software developers who will be led by Afshin Rezayi… The engineer graduated from the University of Toronto with a PhD in electrical and computer engineering in 2002 and worked at Block for almost seven years as head of the Canadian hardware group.

Image credit: Michael Forch

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