Jack Dorsey Announces Block Is Developing A Full Bitcoin Mining System

7 months ago 5

ARTICLE AD BOX

Block, a prominent global technology company focusing on financial services, has unveiled significant advancements in its bitcoin mining project today. The company has successfully completed the development of their three-nanometer (nm) bitcoin mining chip and is now in the final stages of producing the design with a leading global semiconductor foundry. This achievement marks a crucial milestone in Block's mission to decentralize the supply of bitcoin mining hardware and distribute hashrate effectively, according to the announcement.

JUST IN: Jack Dorsey and Block are "developing a full #bitcoin mining system." 👀 pic.twitter.com/zfByRI8G1T

— Bitcoin Magazine (@BitcoinMagazine) April 23, 2024

In addition to the chip development, Block also announced the development of a full "bitcoin mining system", aiming to address challenges faced by mining operators and support mining decentralization. The company said it welcomes input from the bitcoin mining community to enhance the system's design and functionality.

"We’re building a mining rig," Block CEO Jack Dorsey stated.

Previously, Block had progressed with manufacturing a five-nanometer mining chip prototype and received positive feedback from its foundry partner, reaching its design goals and teaching them valuable learnings. Since then, Block has been working on its three-nanometer chip design, the company said.

Now, with the successful completion of the three-nanometer chip design, Block says the chip showcases competitive performance by utilizing the most advanced semiconductor process currently available, ensuring mining operators of all types can "thrive" now that Bitcoin is in its fifth mining epoch post the fourth halving of the block subsidy.

Block's commitment to supporting mining decentralization is evident in its plans to offer both a standalone mining chip and a full mining system. The company says their standalone chip will make Block the only large, well-capitalized mining hardware vendor with such a solution, encouraging innovation and new use cases in the mining industry.

The company requests further insights and feedback from the mining community on challenges related to pre-sales discovery, purchasing processes, reliability, maintenance, software features, transparency, and post-sale support.