- Block Inc. has completed the development of its Bitcoin mining chip.
- The firm confirmed that it is also developing a full Bitcoin mining system.
- Block first confirmed the move in 2021 and is also working on a hardware crypto wallet.
San Francisco-headquartered digital payments company, Block Inc., formerly known as Square, has announced the completion of its Bitcoin mining chip development. This marks a major step in Chief Executive Jack Dorsey’s ongoing efforts to promote a more accessible and decentralized system.
The newly developed three-nanometer chip capable of powering specialized computers for Bitcoin mining operations has set a benchmark for new entrants. It is important to note that the creation of such chips is a time-consuming and costly process.
Block Inc. stated in a Tuesday announcement :
“This marks an important milestone in our Bitcoin mining project. Additionally, with our chip design complete, we are excited to share that we are developing a full bitcoin mining system.”
Notably, Dorsey had initially announced Block’s efforts to develop the Bitcoin mining system in 2021, coinciding with the introduction of a hardware wallet for the digital asset.
The company is currently “in the process of completing a full tapeout of the design with a leading global semiconductor foundry,” stated the company.
The development comes at a time when Bitcoin miners have been grappling with a significant hit from the halving, a Bitcoin code update that halves the supply of the leading cryptocurrency.
More efficient machines could help miners reduce power costs and offset some of the margins, leaving the strongest few to survive this cycle. Block explained:
“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.”
Block Inc.’s development of this mining chip signifies an important step towards democratizing the Bitcoin mining sector, making it more accessible and competitive for a wider range of participants.
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