Jack Dorsey Builds Open Bitcoin Mining System Amid Climate Threats

“We want to make mining more distributed and efficient in every way, from buying, to setting up, to maintaining, to mining. We’re interested because mining is doing well beyond the creation of new bitcoins. We see this as a long-term need for a fully decentralized and permissionless future,” he tweeted.

According to Templeton, Block is open to building its own ASIC (application-specific integrated circuit which is an integrated circuit chip customized for a particular purpose).

“We are incubating this investigation within Block’s hardware team and are beginning to build a core engineering team of system, ASIC and software designers,” Templeton said.

Last year, Dorsey announced plans to start a new company focused on creating an open development platform for Bitcoin.

Called “TBD,” the new venture joins existing payment services such as Seller, Cash App, and Tidal) “with the sole purpose of facilitating the creation of noncustodial, permissionless, and decentralized financial services,” Dorsey said in a tweet. . .

“Our main focus is #Bitcoin. Its name is TBD,” he added.

According to a new study by Science Direct, at the highest Bitcoin price levels seen in early 2021, the annual amount of e-waste could exceed 64.4 kilotonnes over the medium term, highlighting the dynamic trend if the Bitcoin price rises again.

“Electronic waste poses a growing threat to our environment, from toxic chemicals and heavy metals that seep into soils, to air and water pollution caused by improper recycling,” the report says. study.

Jennifer C. Burleigh