Jack Dorsey Reveals: Block's Bitcoin Mining Hardware Business Protects the Network
CryptoNewsTerminal Staff22 May, 2024
Jack Dorsey Reveals: Block's Bitcoin Mining Hardware Business Protects the Network
According to Bitcoin News, Block’s (formerly Square) CEO Jack Dorsey explained that the company's entry into the hardware business, including chips for Bitcoin mining, is to protect the Bitcoin network. "It's not just about making new bitcoin, but about validating transactions," Dorsey said. "And with a secure network, then we have sound money." This strategic move by Block underscores the importance of hardware in securing and validating the Bitcoin network. By actively participating in the mining process, Block contributes to the decentralization and resilience of the network, ensuring its long-term stability.
