Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committ

Jack Dorsey's Block to build an open bitcoin mining system

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2022-01-14 00:00:09

Twitter CEO Jack Dorsey testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on "Social Media's Role in Promoting Extremism and Misinformation" in Washington, U.S., March 25, 2021. U.S. House of Representatives Energy and Commerce Committee/Handout via Reuters

Jan 13 (Reuters) - Block Inc (SQ.N) Chief Executive Officer Jack Dorsey said in a tweet on Thursday that the fintech firm is building an open bitcoin mining system, as the newly re-branded company looks to expand beyond its payment business and into new technologies like blockchain.

In October, Dorsey said that Block, formerly Square, was considering building a bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. (https://reut.rs/3I4KT1C)

In a tweet thread on Thursday, Block's general manager for hardware, Thomas Templeton, laid out the company's plans about building the mining system.