Block(NYSE:SQ) stock is in the news Friday following news that the payment services company plans to get into Bitcoin(CCC:BTC-USD) mining.
Let’s dive into that news below with all the details that holders of SQ stock need to know about.
- The Bitcoin mining plans at Block were initially floated by founder Jack Dorsey back in October.
- News from Thomas Templeton, Block’s general manager of hardware, reveals those plans.
- He sent out a series of Tweetslate yesterday with details about the Bitcoin mining effort.
- In these, he said the company set out to address two issues with crypto mining.
- They are current pain points and specific technical challenges.
- This has the company seeking to make Bitcoin mining easier to get into.
- Templeton says this is possible by improving availability and reliability on crypto mining rigs.
- Another issue the company wants to address is performance.
- That includes strain on power grids, as well as the noise they make.
- This has it working to develop its own open-source firmware for mining.
- That has Block’s hardware team seeking engineers to help in the endeavor.
- Templeton says the company is currently seeking “Electrical Engineers, Analog Designers, and Layout Engineers.”
Investors don’t seem overly excited about the news today. Shares of SQ stock aren’t seeing heavy trading and the stock is currently down 2.67% on Friday.