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Jack-Dorsey Will Create A New Bitcoin Mining Ecosystem

Block, the payments-focused company formerly known as Square, is officially throwing its hat into the bitcoin mining game.

Dorsey initially teased such a move last fall, highlighting a possible bid “based on custom silicon and open source for individuals and businesses worldwide.” Now, statements from Block executives as well as recent job postings offer more specifics on what that venture will look like.

In a tweet thread, the company’s general manager for hardware, Tom Templeton, doubled down on the decentralization focus. 

“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,” he wrote.

Days before Dorsey’s pledge, Block posted a job ad for a “custom digital design lead” focused on working “closely with other digital designers and mixed signal designers to develop the next generation of mining ASIC.”

Indeed, Templeton highlighted the hiring happening within the hardware team, stating that “[a] few of the open roles are Electrical Engineers, Analog Designers, and Layout Engineers.”

Dorsey also this week unveiled a new litigation fund aimed at providing resources to bitcoin developers who face lawsuits over their work. As might be expected, funds will be devoted to assisting in a lawsuit initiated by a firm tied to Craig Wright, who has claimed to be the inventor of bitcoin. 

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