Jack Dorsey, CEO of Block (formerly Square), announces an expansion of the company’s bitcoin mining efforts, transitioning from chip design to the development of a comprehensive bitcoin mining system.
In a recent announcement, the renowned tech company revealed the completion of its proprietary three-nanometer bitcoin mining chip. Currently, it is collaborating with a prominent global semiconductor foundry to finalize the chip’s design. Additionally, Block outlined its intentions to expand its mining endeavors to encompass system design.
Through extensive discussions with numerous bitcoin miners, Block has gained insights into the challenges encountered by mining operators. Leveraging this knowledge and aiming to bolster mining decentralization, the company intends to provide both an independent mining chip and a comprehensive mining system developed in-house.
The project’s mission statement emphasizes the democratization of access to bitcoin mining, the process of generating new bitcoins through solving increasingly complex computational problems. Jack Dorsey, in 2021 when Block began developing mining hardware, highlighted the lack of accessibility to mining, stressing that it should be as simple as plugging in a rig. Concerns within the bitcoin community regarding hardware vulnerabilities, particularly with ASIC chips manufactured in China, have also been noted.
Block aims to decentralize both the supply of mining hardware and the distribution of hashrate, which reflects industry competition and mining difficulty. One major barrier addressed is the difficulty in obtaining expensive and hard-to-find mining rigs with unpredictable delivery times.
While specifics were scarce in the recent announcement, Dorsey previously mentioned a potential bitcoin mining system based on custom silicon in 2021. The focus on vertical integration and silicon design, which is dominated by a few companies, was also highlighted. Thomas Templeton, Block’s general manager for hardware, has outlined plans to enhance reliability and user experience by addressing common issues like heat dissipation and noise production.
This initiative follows the most recent bitcoin halving, which occurred recently and reduces the issuance of new bitcoins by half approximately every four years. Dorsey views making the mining process more accessible as essential for a fully decentralized and permissionless future, emphasizing the need for greater distribution in mining operations.
Block’s venture arm has also supported Gridless, a company operating bitcoin mines powered by renewable energy sources in Kenya, Malawi, and Zambia, further aligning with the goal of decentralization.
Read More: Bitcoin drops below $63,000 after hitting a record high of $73,000 last week
Disclaimer:
This content is AI-generated using IFTTT AI Content Creator. While we strive for accuracy, it’s a tool for rapid updates. We’re committed to filtering information, not reproducing or endorsing misinformation. – Jomotoday for more information visit privacy policy
Leave a Comment