How Jack Dorsey’s Block Is Contributing To The Growth And Mining Of Bitcoin

Jack Dorsey is known to be an avid supporter of blockchain technology and its applications, especially Bitcoin. This was first evident in Square renaming itself Block in its quest to expand beyond its original credit card-reader business and concentrate on blockchain technology. Regarding Bitcoin, Dorsey declared last year, “I don’t think there’s anything more important in my lifetime to work on.” As part of its commitment to Bitcoin, Block maintains a subsidiary named Spiral that focuses on the development of the cryptocurrency. CashApp, a mobile payment service developed by Block, was also one of the first to integrate support for sending and receiving Bitcoin. Promoting Easy Bitcoin Mining Bitcoin mining rigs can be very expensive to acquire and maintain. Their high cost of maintenance is because of Bitcoin’s proof of work (PoW) mechanism. They have to compete to solve complicated puzzles in order to validate transactions. It shouldn’t come as a surprise that Jack Dorsey and Block want to simplify and reduce the cost of mining bitcoin. The belief is that the cryptocurrency will contribute to a transformation in the way money is transferred around the world. Earlier this year, Block made the announcement that it will be creating a Bitcoin mining system. The goal of this system is to make Bitcoin mining more decentralized and efficient. The cryptocurrency community enthusiastically embraced this concept since, at its core, it...