Block Unveils Bitkey Hardware Wallet and Bitcoin Mining System

According to Bloomberg, Block, the company led by Twitter CEO Jack Dorsey, has unveiled a new hardware wallet called Bitkey. The wallet allows users to self-custody their cryptocurrency on a device resembling a USB thumb drive. Although similar products have been available for some time, the majority of crypto assets are still held on trading platforms. Dorsey announced the San Francisco-based company's efforts to develop the new hardware wallet and a Bitcoin mining system in 2021, aiming to decentralize the Bitcoin network and make both safe storage and mining of the digital asset more accessible. Users of the Bitkey wallet can connect with crypto exchanges and payment services, including Block's Cash App, allowing them to transfer tokens between platforms. Block's Bitcoin Hardware Lead, Thomas Templeton, said in an interview that they have already started working with Cash App from day one and are looking for other synergies. Bitcoin mining is an energy-intensive process where miners use specialized computers to validate transactions on the Bitcoin blockchain in return for rewards in the form of tokens. Most mining operations have been set up and run by public companies or deep-pocketed private investors. Templeton noted that while there are tools and products built for super users or a subset of people deep in the industry, there is not a product for regular folks dipping their toes in the space. The introduction of Bitkey aims to address this gap in the market.