The Block — then Square — CEO initially suggested the idea of a collaborative approach to decentralize Bitcoin mining in October 2021.
Payments firm Block, formerly known as Square, has announced plans to develop a Bitcoin (BTC) mining system in response to challenges faced by mining operators.
In an April 23 blog post, Block said it had completed development of a three-nanometer chip used for BTC mining, which led to the firm announcing a “full Bitcoin mining system.” Block — then Square — CEO Jack Dorsey suggested a collaborative approach to decentralize Bitcoin mining in October 2021.
“We’ve spent a significant amount of time talking to a wide variety of bitcoin miners to identify the challenges faced by mining operators,” said Block. “Building on these insights and pursuant to our goal of supporting mining decentralization, we plan to offer both a standalone mining chip as well as a full mining system of our own design.”
