12 Things SQ Investors Need to Know About Block’s Bitcoin Mining Plans

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Block (NYSE:KV) the shares are in the news on Friday after the news that the payment services company intends to enter Bitcoin (CCC:BTC-USD) mining.

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Let’s delve into this news below with all the details SQ shareholders need to know.

  • Plans for Bitcoin mining in Block were originally unveiled by founder Jack Dorsey back in October.
  • News from Thomas Templeton, Block’s CEO of hardware, reveals these plans.
  • He sent it out a series of tweets late yesterday with details on Bitcoin mining.
  • In these, he said, the company has decided to solve two problems with crypto mining.
  • There are current pains and specific technical challenges.
  • For this reason, the company wants to facilitate access to Bitcoin mining.
  • Templeton says this is possible by improving the availability and reliability of cryptocurrency mining devices.
  • Another issue the company wants to address is performance.
  • This includes the load on electrical networks and the noise they cause.
  • For this reason, it is working to develop its own open source mining software.
  • Block’s hardware team is looking for engineers to help with this effort.
  • Templeton says the company is currently looking for “electrical engineers, analog designers and design engineers.”

Today, investors don’t seem too enthusiastic about the news. Shares of SQ shares are not recording strong trading and shares are currently down 4% on Friday morning.

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On the day of the publication of William White did not hold (directly or indirectly) any positions in the securities referred to in this Article. The opinions expressed in this article are those of the author and are the subject of InvestorPlace.com Guidelines for publication.


Article printed from InvestorPlace Media, https://investorplace.com/2022/01/12-things-for-sq-stock-investors-to-know-about-blocks-bitcoin-mining-plans/.

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