General Manager of Hardware at The Block: ‘We See Bitcoin Mining as a Long-Term Need for a Future That Is Fully Decentralized and Permissionless.’

This week, Jack Dorsey and Tom Templeton, the Block’s hardware general manager, addressed the firm’s concentration on bitcoin mining. Templeton revealed that the Block hinted at constructing a bitcoin mining system three months ago, and the company has now chosen to enter the market.

Templeton believes the objective is to make mining distributed and cover productive maintenance, acquisitions, and setting up. Templeton wrote

“We’re interested because mining goes far beyond creating new bitcoin. We see it as a long-term need for a future that is fully decentralized and permissionless.” 

They discovered that consumers had problems with things like mining rig availability, equipment dependability, and performance in bitcoin mining. Templeton stated that some mining operations generate undesired harmonics in the power grid, adding that they’re also quite loud, making them unsuitable for use at home.

Templeton also said that the business had reviewed a variety of IP blocks, open-source miner firmware, and other system software offerings.

Furthermore, the Block’s hardware team assembles a team of application-specific integrated circuit (ASIC) and software engineers. Templeton also said that the company is looking for electrical engineers, analog designers, and layout engineers.

Only a few ASIC bitcoin mining rig manufacturers exist now, according to data from January 16, 2022, including Bitmain, Ebang, Canaan, Microbt, Innosilicon, Ipollo, and Strongu. Bitmain, Ipollo, Microbt, and Canaan make the best machines nowadays in profit-per-day and SHA256 terahash performance.

The cost of a single Bitmain Antminer S19 Pro (100 TH/s) may range from $10K to $15K. Using today’s BTC exchange rates and $0.12 per kilowatt-hour power, this machine will make an expected profit of $16.23 per day.

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