- The company is now working with a top global semiconductor foundry to finalize the design.
- The business aims to enable decentralized mining with this development
Block, Jack Dorsey’s digital payments company, has completed development of a three-nanometer Bitcoin mining chip. The company is now working with a top global semiconductor foundry to finalize the design of the chip.
Block mentioned:
“With our design showing competitive performance, we are proceeding with the full tapeout. Our mining chip will utilize the most advanced semiconductor process currently available and will deliver the performance required for mining operators of all types to survive and thrive in the fifth mining epoch (the period following the recent 4th halving of the block subsidy) and beyond.”
Standalone Mining Chips
The business is making progress toward its objective of enabling decentralized mining with this development, which will include the provision of standalone mining chips as well as its own comprehensive mining infrastructure.
On April 19, the reward for mining Bitcoin fell from 6.25 BTC to 3.125 BTC as a result of the fourth halving. According to Block’s most recent financial report, the company had a 37% year-over-year rise in sales of bitcoin to clients in the fourth quarter of 2023, reaching $2.52 billion in value.
Block added:
“With a standalone mining chip, we will represent the only large, well-capitalized mining hardware vendor with such a solution. We hope this will help unlock mining system innovation and support the much-needed development of new mining system form factors and use cases.”
In 2006, Dorsey co-founded Twitter, which is now known as X. In 2009, he co-founded Square, a mobile payments firm. In December 2021, Square changed its name to Block to reflect its dedication to crypto and decentralized technologies.
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