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Payments Giant Block to Build Open-Source Bitcoin Mining System
The payment services company formerly known as Square is open to building new mining computers and is hiring for a new engineering team.
By Aoyon Ashraf
Updated May 11, 2023, 7:14 p.m. Published Jan 13, 2022, 10:58 p.m.
Make us preferred on GoogleBlock, formerly known as payments company Square, is going ahead with its plan to build an open-source bitcoin mining system, according to a Tweet from Thomas Templeton, Block's general manager for hardware.
In October we announced that we’re considering building a bitcoin mining system, out in the open & alongside the community, and we’ve decided…we’re doing it! We thought we’d share some more details on how our initial discussions are going and where we’re headed next. https://t.co/wURxEKBpJ5
— Thomas Templeton (@TempletonThomas) January 13, 2022
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- “We want to make mining more distributed and efficient in every way, from buying, to set up, to maintenance, to mining,” Templeton tweeted.
- He also tweeted the company is open to making new ASICs (specialized bitcoin mining computers), and has started evaluating various IP blocks, open-source miner firmware and other system software offerings.
- Block has started hiring to build out a core engineering team.
- Previously, Block CEO Jack Dorsey tweeted on Oct. 15 that the company was planning to build a mining system based on custom silicon and open source for individuals and businesses worldwide.
- Dorsey has been an enthusiastic supporter of bitcoin, believing the cryptocurrency has great potential.
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- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
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- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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How the ultra-wealthy are using bitcoin to fund their yacht upgrades and Cannes trips
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