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.

AccessTimeIconJan 13, 2022 at 10:58 p.m. UTC
Updated May 11, 2023 at 7:14 p.m. UTC

Block, 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.

  • “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.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Aoyon Ashraf

Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.