Block, Inc. Aims to Revolutionize Bitcoin Mining Hardware
Block, Inc. has announced plans to potentially develop a "Mining Development Kit," or MDK, which it hopes will encourage innovation in Bitcoin mining hardware.
This comes after CEO Jack Dorsey tweeted in 2021 that the company was considering creating a Bitcoin mining system using custom silicon and open-source technology.
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.
— jack (@jack) October 15, 2021
The MDK would contain basic components such as a hashboard and controller board, along with open-source firmware, software, and detailed documentation.
Naoise Irwin, Block mining hardware senior product lead, stated that the MDK could be utilized in various use cases, including off-grid mining and home mining, and for optimization of Bitcoin mining hardware.
Block has invested $220 million in Bitcoin so far but had to disclose that it faced the same kind of losses on its Bitcoin holdings as other publicly traded companies.
Despite this, Block believes that its Bitcoin ecosystem can help address inefficiencies in the current financial system, particularly concerning identity and trust.
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Block has also contributed $5 million to a partnership with Tesla and Blockstream to develop an all-solar Bitcoin mining facility and has started designing its own Bitcoin mining semiconductor chips.
Despite hardware accounting for less than 1% of Block’s total net revenue in 2022, the company is pushing further into the Bitcoin ecosystem with projects such as Spiral, TBD, and self-custody wallets.
Although Block’s share price has seen a 21% increase since the start of the year, investors do not appear to be fully convinced of the company’s Bitcoin aspirations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
