Block, formerly known as Square, is working on an open-source bitcoin mining system, according to CEO Jack Dorsey. He referenced a more detailed thread on the project’s objectives by the company’s general manager for hardware, Thomas Templeton.

We’re officially building an open bitcoin mining system https://t.co/PaNc7gXS48

— jack (@jack) January 13, 2022

Block Is Working On Bitcoin Mining

Thomas Templeton, Block’s general manager for hardware, set out the company’s next moves in a series of tweets.

“From buying, to set up, to maintenance, to mining,” Templeton said, the goal is to make bitcoin mining — the process of creating new bitcoins by solving increasingly hard computing tasks — more dispersed and efficient in every aspect.

According to Templeton, making the mining process more accessible is about more than just creating more bitcoin.

Templeton wrote:

“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.”

The initiative is focused in combining performance and open-source design in a “elegant system integration,” according to Templeton. The company is looking for technologies and partnerships that could help the idea, which is currently being developed by Block’s hardware team. Afshin Rezayee is leading a dedicated team of engineers to the endeavor, and available positions include electrical engineers, software and analog designers, ASIC engineers, and layout engineers.

BTC Market cap down from last year's ATH. Source: TradingView

The bitcoin mining system developed by Block aims to improve three areas of bitcoin mining: availability, reliability, and performance. The goal is to make mining rigs easier to identify and buy, while also providing a consistent delivery experience; improve dependability by designing something that can better dissipate heat and dust; and boost performance while consuming less power.

“Common issues we’ve heard with current systems are around heat dissipation and dust. They also become non-functional almost every day, which requires a time-consuming reboot. We want to build something that just works,” Templeton tweeted. “They’re also very noisy, which makes them too loud for home use.”

Related article | Is Norton 360 Mining Ethereum In Your Computer? If It Is, They’ll Take a 15% Cut

Dorsey Wants To Democratize BTC Mining

The mission statement of this project includes democratizing bitcoin mining access.

Dorsey wrote in October:

“Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”

The news corresponds to Dorsey’s announcements from 2021. 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. First some thoughts and questions.

— jack (@jack) October 15, 2021

Block’s news comes only months after the United States overtook China as the world’s top bitcoin mining destination for the first time. Renewable energy sources abound in the United States.

Hydropower mining farms flourish in Washington State. New York generates more hydroelectric power than any other state east of the Rocky Mountains, and its nuclear power plants contribute to the state’s objective of zero carbon electricity. Meanwhile, Texas’ renewable energy contribution is increasing over time, with wind power accounting for 20% of the state’s power in 2019. In addition, the Texas grid continues to add more wind and solar power at a rapid pace.

Block hasn’t given a specific date for when its bitcoin mining system would be available for purchase and use, since the company is still in the research phase of development. Templeton also encouraged members of the public to contact him if they had any concerns or suggestions for improving the initiative.

Related article | More Green Energy: Crypto Mining Saves A Hydro Power Plant In Costa Rica

With a team that includes one of the most prominent figures of the entire Cardano ecosystem

ZUG, SUISSE, December 8, 2021 /EINPresswire.com/ — After successfully raising $4.2 million in its seed round, Genius Yield is about to launch its Initial Stake Pool Offering (ISPO) on December 15. Users will be able to delegate their ADA and earn GENS in a model that rewards both big and small investors in total transparency. The ISPO will last exactly 6 months and reward 10 million GENS in total.

ISPOs are quickly gaining traction in the blockchain world as a fairer way for Decentralized Finance (DeFi) projects such as Genius Yield to distribute tokens in a fair and decentralized manner while also gaining community support. It minimizes risk for delegators since they do not have to spend their ADA to obtain protocol tokens – unlike in IDOs.

While the world of DeFi provides many investment opportunities, managing capital is both complex and time-consuming for most users. That is why Genius Yield is building an all-in-one solution that enables users to benefit from advanced algorithmic trading strategies within an intuitive, hassle-free, and secure platform.

“Unless you’re a full-time investor, it is very difficult and time-consuming to take full advantage of all the investment opportunities available on DeFi platforms”, said Genius Yield’s co-founder Laurent Bellandi. “We want to change that and make it easy for everyone to make their money work harder for them while not compromising on risk and user experience.”

Users will be able to deposit the tokens of their choice and customize their investment strategy based on a number of factors: expected returns, fees they’re willing to pay, risk tolerance, when to take profits, and so on. Genius Yield’s AI-powered Smart Liquidity Management protocol will then maximize their yields while minimizing risk exposure.

In addition to that, the team is also working on launching its Genius Yield Academy in the coming weeks. “We believe knowledge is power, hence why we’re building a community-driven educational and mentorship platform that teaches DeFi concepts and supports everyone in their journey towards financial freedom”, added Dr. Sothy Kol-Men, co-founder.

Genius Yield ISPO basics

Start date: December 15th, 2021

End date: June 15th, 2022

GENS Rewards: 10 Million GENS

Running for 36 Epoch (1 epoch = 5 days)

Accumulated GENS rewards will be airdropped to the delegator’s wallet after the Token Genesis Event (time of minting). ADA holders will be able to delegate their funds to a stake pool in exchange for staking rewards. To participate in the ISPO you will simply need to delegate to Genius Yield’s’ stake pools. In return, you will be rewarded with GENS tokens based on the amount of ADA staked and the length of staking.

For more details see Genius Yield’s ISPO documentation.

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About Genius Yield

While DeFi provides many investment opportunities, managing capital is both complex and time-consuming. Genius Yield is your all-in-one solution to benefit from advanced algorithmic trading strategies and yield optimization opportunities. Our Smart Liquidity Management protocol is intuitive, hassle-free, and secure. Genius Yield minimizes risk and maximizes profits.

Laurent Bellandi
Genius Yield
+41798184517 ext.
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