Jack Dorsey’s Block Expands Bitcoin Mining Ambitions, Develops 3nm Mining Chip
Jack Dorsey’s payments company Block has shifted its focus from designing chips to developing a full Bitcoin mining system.
In a recent blog post , Block unveiled its accomplishment of designing a standalone three-nanometer (3nm) Bitcoin mining chip and disclosed that it is currently collaborating with a leading global semiconductor foundry to finalize the chip’s design.
However, the company’s mining project doesn’t stop at chip development. It plans to expand its efforts to include system design as well.
“We’ve spent a significant amount of time talking to a wide variety of Bitcoin miners to identify the challenges faced by mining operators,” the announcement reads.
“Building on these insights and pursuant to our goal of supporting mining decentralization, we plan to offer both a standalone mining chip as well as a full mining system of our own design.”
Concerns over network stability and hardware vulnerabilities have long plagued the Bitcoin community.
The ASIC chips used in mining rigs are predominantly manufactured in China, a country that has exhibited hostility towards the cryptocurrency sector.
Jack Dorsey’s Block initiative aims to decentralize the supply of mining hardware and the distribution of hashrate, which serves as a measure of industry competition and mining difficulty.
One major obstacle that Block seeks to overcome is the limited availability and high cost of mining rigs.
Additionally, the company aims to improve the user experience and reliability of mining operations, addressing common issues such as heat dissipation and noise production.
While specific details regarding the mining system are scarce in the announcement, Dorsey had previously mentioned the possibility of a “
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