- Jack Dorsey announced that his crypto firm, Block Inc. is officially building an open Bitcoin mining system.
Within the crypto ecosystem there are important figures with a lot of weight of their own, one of them is Jack Dorsey, founder of Twitter and Block Inc., before Square and the most recent announcements he made, the creator of the social network continues to gain ground as a leader in the new industry.
In October of last year, Dorsey had announced that Block Inc. was planning to join the Bitcoin mining industry already. Through a tweet, he announced that his company, based in San Francisco and founded in 2009, is “officially building an open Bitcoin mining system.”
To break this news, Dorsey quoted a tweet from Block Inc. hardware general manager Tom Templeton. who through his twitter declared:
“We want to make mining more distributed and efficient in every way, from purchasing to installation, maintenance and mining. We are interested because mining goes far beyond creating new bitcoins. We see it as a long-term necessity for a fully decentralized, permissionless future.”
Bitcoin mining problems
Mining is one of the main attractions for newcomers in the industry, but not everything is rosy… Dorsey will be faced with some issues like the availability of a mining rig, reliability of the machine, and performance.
“TOSome mining platforms generate unwanted harmonics in the electrical network. They are also very loud, making them too loud for home use.”, said Templeton, who assured that his company also evaluates a series of “IP blocks, open source miner firmware, and other system software offerings“, described NewsBitcoin.
Currently there are few companies that manufacture Bitcoin mining platforms and they are Bitmain, Canaan, Microbt, Ipollo, Innosilicon, Ebang and Strongu. The first four are the ones with the best machines in terms of earnings per day and terahash performance.
What is the investment profit ratio?
According to estimates, a single Bitmain Antminer S19 Pro (100 TH/s) can cost between $10,000 and $15,000 to deliver just over $16 per day at today’s prices. Currently it gives 12 cents per kilowatt-hour.
Block, in the words of Templeton, announced that it is enlarging its work team and for this reason it is looking for electronic engineers, design engineers as well as analog designers.
Dorsey is betting big on the future of crypto, and his company is steadily moving in that direction. 2022 promises to bring more news from the founder of Twitter.
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