Jack Dorsey, CEO of Block (formerly Square), has been a consistent advocate of bitcoin. Dorsey both personally and professionally has supported bitcoin for years. In 2018, he said that bitcoin will eventually become the world’s single currency. In 2020, Square purchased about $50 million worth of bitcoin. In early 2021, Square bought another $170 million worth of bitcoin. At the Bitcoin 2021 Conference in June, Dorsey explained that he sees bitcoin as a way to protect against currency devaluation and expedite transfers of funds across borders. 

Late last year, Square changed its name to Block, to denote a broader mission that includes blockchain and economic empowerment. With Block’s bitcoin holdings at 8,207 BTC, worth $354 million at current prices, Block hasn’t changed its tune on bitcoin. Last week Dorsey officially announced that Block would get into Bitcoin mining to make it easier for people to mine bitcoin. 

The announcement was made on Twitter and confirms information that dates back to October that the company would eventually enter the mining business. Block aims to create an “open bitcoin mining system” which is easily available, reliable, performant, power-efficient, and can be used by anyone. When bitcoin was launched in 2009, ... read more