Twitter’s founder and former CEO, Jack Dorsey, has confirmed that his digital payments company Block Inc. (formerly known as Square) is building a system for people to mine Bitcoin seamlessly.
The Bitcoin enthusiast made the announcement on his Twitter post: “We are officially building an open Bitcoin mining system.”
Late last year, Dorsey tweeted, “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.”
Since its roll out in 2009, Block Inc. has added Cash App, TIDAL, and TBD54566975 as business verticals.
The company claims that Block is an “overarching ecosystem” of many businesses that caters to individuals, artists, fans, developers and sellers, among others.
“We have built the Square brand for our Seller business, which is where it belongs,” said Dorsey, the co-founder and CEO of Block.
“Block is a new name, but our purpose of economic empowerment remains the same. No matter how we grow or change, we will continue to build tools to help increase access to the economy.”