• Block – the company formerly known as Square and run by Jack Dorsey of (past) Twitter fame – is developing a new do-it-yourself bitcoin and crypto mining kit.
• The goal is to help educate people about the growing world of digital assets and potentially boost appreciation and adoption of the space.
• Block CEO Jack Dorsey has always been a big bitcoin fanatic, so the release of a new mining kit shouldn’t come as a major surprise.
Block Launches Do-It-Yourself Bitcoin Mining Kits
Block – the company formerly known as Square and run by Jack Dorsey of (past) Twitter fame – is looking into building what it’s calling a „mining development kit (MDK). The goal is to establish a do-it-yourself bitcoin and crypto mining kit that retailers and individuals can use to extract their own units from the blockchain, in order to help educate more people about the growing world of digital assets and potentially boost appreciation and adoption of the space.
Components Included in Mining Kit
The MDK will include basic components like software, open-source firmware, a hash board, a controller board, and „lots of documentation“. Naoise Irwin – the mining hardware senior product lead at Block – explained in a blog post that they anticipate this being useful for development projects focused on integrating bitcoin mining into various novel use cases such as heating solutions, off-grid mining, home mining or intermittent power applications.
Jack Dorsey’s Support for Bitcoin
Jack Dorsey has always been a big bitcoin fanatic so it should not be surprising that he would support this endeavor. In 2018 he stated he felt bitcoin had what it took to become the world’s sole currency in the next ten years; all other money would be obsolete by 2028. Prior to COVID he was planning a tour across Africa with his team to shed light on blockchain technology resources available there.
Square Engages with Cryptocurrency
Square was one of the first institutional pioneers when it comes to cryptocurrency; they became one of the first institutions to add bitcoin to its balance sheet back in October 2020. This purchase was soon followed up with another buy; at one time they owned more than $200 million worth in BTC.
The launch of this DIY mining kit could be seen as confirmation that cryptocurrency is here stay due to its increasing popularity among high profile investors like Jack Dorsey who have actively promoted its use for commercial purposes or even just education on blockchain technology itself.