Jack Dorsey’s Block revives Bitcoin faucet, launching new version on Monday

Jack Dorsey’s Block is bringing back the Bitcoin faucet.

The launch is set for Monday, April 6 and is expected to let users collect satoshis for free, like the original faucet.

Block currently holds 8,883 BTC, valued at about $594 million, on its balance sheet.

History of Bitcoin faucets

The original Bitcoin faucet was created by early Bitcoin developer Gavin Andresen in 2010 in an attempt to educate newcomers and promote adoption.

Back then, each Bitcoin address could claim 5 BTC by solving a simple CAPTCHA. If early holders kept that Bitcoin, it would be worth upwards of $330,000 now.

Roughly two years before the site shut down in 2012, it distributed approximately 19,700 BTC.

The idea of Bitcoin faucets has since been adopted by others. Today, faucets often support multiple coins and rely on advertising revenue and microwallets to deliver rewards.

While caution is advised to avoid scams, reputable faucets offer a beginner-friendly way to explore crypto, earn free tokens, or cover minor fees on networks like Ethereum or Optimism.

Block’s internal overhaul

Block recently shook the crypto market with its decision to let go of over 4,000 employees, or roughly 40% of its workforce.

Dorsey said it was a necessary move to refocus on core Bitcoin initiatives. The smaller organization now relies heavily on AI-driven development workflows, with reduced engineering teams supported by automated agents.

Block is moving forward with a mini-AGI vision. Dorsey and director Roelof Botha see AI replacing layers of corporate coordination, letting smaller teams work more efficiently.

Its product line now extends beyond Cash App’s peer-to-peer payments to include Bitkey, a self-custody hardware wallet, and Proto, a line of Bitcoin mining systems.