Jack Dorsey, the co-founder and former CEO of Twitter as well as the founder and CEO of Block Inc, a financial payments company, tweeted on Friday that the fintech firm is working on an open bitcoin mining system as the newly re-branded company tries to diversify beyond its payment business and into new technologies like blockchain.

Block, formerly Square, announced in October that it was exploring developing a bitcoin mining system based on custom silicon and open source for individuals and organisations throughout the world.

"Mining should be more widely spread. A miner's primary responsibility is to safely settle transactions without the use of trusted third parties. This is important even after the last bitcoin has been mined "In October 2021, he tweeted.

Block's general manager for hardware, Thomas Templeton, detailed the company's plans for building the mining system in a tweet thread on Friday.

"From purchasing to installation, maintenance, and mining, we want to make mining more distributed and efficient in every aspect. Mining piques our curiosity since it goes well beyond the creation of new bitcoin. We regard it as a long-term requirement for a totally decentralised and permissionless future "In the tweet, Templeton is mentioned.

Crypto mining is the method of obtaining cryptocurrency through the use of high-powered computers to solve cryptographic equations. Verifying data blocks and adding transaction records to a public record (ledger) known as a blockchain are part of the solution process. Complex encryption techniques are used to protect this information.

"Product development is never a solo endeavour, and we always evaluate existing technology as part of our routine. We began by assessing several IP blocks (because we're open to developing a new ASIC), open-source miner firmware, and other system software solutions for this project "Templeton continued.

Jack Dorsey, who left his former job at Twitter in late November, believes that cryptocurrencies will assist to transform how money is moved throughout the world. He is a consistent advocate for Bitcoin and other digital currencies.

According to many media sources, Block, which allows users to buy and sell Bitcoin through its Cash App, is also working on a physical Bitcoin wallet and purchased $170 million in the cryptocurrency in February to put on its balance sheet.