Jack Dorsey-Led Block Finishes Development of 3nm Bitcoin Mining Chips

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After toiling intensely for three years over their Bitcoin mining chips at Block Inc, led by Jack Dorsey (Twitter’s founder and CEO), they unveiled the completion of their groundbreaking three-nanometer chip development. A passionate advocate for a more inclusive and decentralized Bitcoin mining landscape, Dorsey has spearheaded this project at Block Inc.

A 3nm chip produced by Block could revolutionize the Bitcoin mining sector, which is constantly advancing. These chips are crucial for building highly sophisticated computers. Newcomers in Bitcoin mining have often struggled to obtain the latest chips for their mining operations and keep pace with industry leaders.

Additionally, the market for mining chip producers is still dominated by a small number of major companies such as Bitmain. Despite the cryptocurrency surge, only a handful of Asian chip manufacturers have experienced substantial profits. Following the crypto market downturn in 2022, Intel, a leading chip-making company, announced its withdrawal from producing Bitcoin mining chips. On Tuesday, Block Inc made public their latest update:

“Reaching this stage is a significant achievement for our Bitcoin mining initiative. Moreover, now that our chip design is finalized, we’re thrilled to announce the creation of a comprehensive Bitcoin mining system.”

Block Inc Working with a Semiconductor Foundry

Back in 2021, Dorsey revealed Block’s plans to develop Bitcoin mining technology and introduced a hardware wallet for the cryptocurrency. The company is now working closely with a leading semiconductor foundry to complete the design and finalize production. (Source: Company announcement)

Bitcoin mining is an energy-consuming process where miners use computers or rigs to validate transactions on the blockchain. In return, they receive new Bitcoin tokens as reward. But recently, the fourth Bitcoin halving occurred, cutting the reward in half for miners.

Upgraded equipment can help them save on energy costs and recover some profit lost due to last week’s cryptocurrency event where rewards were cut in half.

The company announced that their mining chip will use the most up-to-date semiconductor technology for superior performance. This advancement is essential for miners to succeed and prosper during the fifth mining era, which begins after the latest halving of the block reward.

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2024-04-24 11:37