• After flagging the idea in October, Jack Dorsey confirmed that Block was building a Bitcoin mining system on Thursday.

• Block is examining how to make it simple for anyone to purchase a mining rig.
• After CEO Dorsey switched to Twitter, it's a significant step in Block's crypto ambitions.

Block has confirmed that it is moving ahead with the construction of a bitcoin mining network that will be available to everyone, according to its CEO Jack Dorsey.

The digital payments company will also be involved in the project and will examine how to make it simple for anyone to purchase a mining rig.

Dorsey stated that Block was looking at developing a mining system using custom hardware. He also suggested an open-source approach to working with the community.

He tweeted Thursday, "We are officially building a bitcoin mining system,"

Dorsey shared more detail from Thomas Templeton (Block's general manager for hardware), in which he laid out the plans.

Templeton stated that the goal is to make bitcoin mining, which is the largest cryptocurrency in terms of market value, more efficient and distributed. This includes buying, setting up and maintaining it.

"We are interested in mining because it goes beyond the creation of new bitcoin. He said that they see it as a long-term necessity for a future that is completely decentralized and permissionless.

According to Dorsey, the core task of a miner's job is to securely settle transactions without the use of third parties. He believes that the more bitcoin network is decentralized, the more resilient it will be.

Templeton identified several customer pain points and technical problems in the current mining rigs, which Block intends to address, including high costs, power consumption, and limited availability.

Mining rigs can be difficult to find for most people. Templeton stated that once you have them located, they can be expensive and sometimes difficult to deliver. "How can we make sure that everyone, regardless of where they live, can purchase a mining equipment?"

He said, "We want something that works."

To verify transactions and create new bitcoins, special computer equipment is needed. This can be costly and energy-consuming.

This move is a step up in Block's ambitions for expansion beyond its digital payment business into cryptocurrency. It comes after Dorsey was fired as CEO of Twitter. TBD is a division of financial services that deals with bitcoin, which was established by former Square.

Block has made significant investments in bitcoin and holds close to 8,027 coins, according to Fortune.

Twitter founder and co-founder, Mark Zuckerberg, has long been a strong advocate for cryptocurrency. He has also stated that he believes there is nothing more important in his life to do.

Bitcoin currently trades at $41,934. In the last 24 hours, it has fallen 4%.