Coinspeaker
Jack Dorsey-Led Block Finishes Development of 3nm Bitcoin Mining Chips
After working rigorously for three years on their Bitcoin mining chips, Jack Dorsey’s Block Inc announced that they had finished the development of the three-nanometer chip. Jack Dorsey, Twitter founder and Block Inc Chief Executive, has been one of the biggest proponents of creating a more accessible and decentralized system for Bitcoin mining.
This 3nm chip from Block could prove to be a game-changer in this rapidly evolving Bitcoin mining industry. These chips can play a key role in creating some of the most advanced computers. Newcomes in the Bitcoin mining industry have always faced headwinds in getting access to some of the most advanced chips for mining activities and competing with the incumbent players.
Also, the market of mining chip manufacturers remains largely concentrated in the hands of a few big players like Bitmain. despite the crypto boom, only a few chip manufacturers in Asia have realized significant profits. After the crypto winter of 2022, chip-making giant Intel decided to end its Bitcoin mining series. Speaking about the recent development on Tuesday, Block Inc said:
“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.”
Block Inc Working with a Semiconductor Foundry
As said, Dorsey initially unveiled Block’s endeavors to create the Bitcoin mining system in 2021, concurrently introducing a hardware wallet for the cryptocurrency. The company is currently “progressing toward finalizing a comprehensive tapeout of the design with a prominent global semiconductor foundry,” as stated in the announcement.
As we know, Bitcoin mining is a very highly energy-intensive process wherein miners use machines or rigs for validating transaction data on the blockchain. These miners, however, earn rewards in the form of BTC tokens. However, the fourth Bitcoin halving event last week has put a further dent in miners’ kitty by reducing the block rewards by 50%.
Enhanced machinery can assist them in reducing power expenses and recouping some of the margins diminished by the halving event that occurred last week.
“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,” noted the company.
Jack Dorsey-Led Block Finishes Development of 3nm Bitcoin Mining Chips
