Former Twitter CEO Jack Dorsey builds open Bitcoin mining system in the face of climate threats

New Delhi, January 15: Former Twitter CEO Jack Dorsey announces building an open and fully decentralized Bitcoin mining system when cryptocurrency mining is causing serious energy consumption and mega-electronic waste generation concerns. Did. Dorsey, who renamed financial services company Square to Block last December, said in a recent tweet, “We are officially building an open Bitcoin mining system.”

In a Twitter thread, Block’s general manager of hardware, Thomas Templeton, later outlined the company’s goals for Bitcoin mining systems. “We want to make mining more decentralized and efficient in everything from purchase to setup, maintenance and mining. Mining goes far beyond creating new Bitcoins, so we are interested. There is a fully decentralized, unauthorized future. “

According to Templeton, blocks are open to building their own ASICs, application-specific integrated circuits, which are application-specific integrated circuit chips. Indian cryptocurrency price.

“This research is being done within Block’s hardware team and we’re starting to build a core engineering team of system, ASIC, and software designers,” said Templeton. Last year, Dorsey announced plans to create a new business focused on building an open developer platform for Bitcoin.

This new business, called “TBD,” will join existing payment services such as sellers, Cash App and Tidal. .. “Our main focus is #Bitcoin, whose name is TBD,” he added.

At the peak Bitcoin price level seen in early 2021, the annual amount of e-waste could exceed 64.4 metric kilotons in the medium term, further rising Bitcoin prices, according to a new study by Science Direct. It highlights the dynamic tendency of doing so.

“Electronic waste represents an increasing threat to our environment, from toxic chemicals and heavy metals leaching into the soil to air and water pollution caused by improper recycling.” The study states.

The mining system also pressured miners to run only the latest, fastest, and most energy-efficient computer chips and discard the old ones. The surge in demand for mining hardware can also disrupt the global semiconductor supply chain. Bitcoin will replace the US dollar, says former Twitter CEO Jack Dorsey.

“As Bitcoin prices continue to rise, the problem of e-waste will probably be even greater, as it encourages further investment and exchange in ASIC hardware,” the study said.

According to the United Nations, e-waste is the world’s fastest growing waste stream, increasing 21% between 2014 and 2019 to 53.6 million metric tons, less than one-fifth of that. Is recycled.

(The above story was first published on January 15, 2022 at 4:42 pm IST. Log on to our website for news and updates on politics, the world, sports, entertainment and lifestyle. please. Former Twitter CEO Jack Dorsey builds open Bitcoin mining system in the face of climate threats

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