Twitter founder Jack Dorsey's Block completes development of its own 3nm Bitcoin mining chips

Block, the payments company led by Jack Dorsey, has announced that it has completed development of its own bitcoin mining chips and is in the process of developing designs with 'the world's leading semiconductor foundries.'

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Block (formerly Square) builds its own bitcoin mining system

Block revealed in 2021 that it was considering getting into the business of building mining hardware and developing a bitcoin mining system based on custom silicon, as using chips specialized for bitcoin mining would likely improve energy efficiency.

In April 2023, it announced that it had completed the development of chips dedicated to bitcoin mining manufactured using the 5nm process. At the same time, it revealed that it had acquired mining integrated circuits (ASICs) that Intel had discontinued , allowing it to accelerate the market launch of 5nm process chips and focus on the development of higher-performance 3nm process chips.

Then, on April 23, 2024, it was finally announced that they had succeeded in developing a 3nm process mining chip. Block positioned this announcement as 'an important milestone in our Bitcoin mining project' and further stated that the completion of the chip development has allowed them to begin developing a 'complete Bitcoin mining system.'

Bitcoin's 'halving' occurred around April 20, 2024, when mining rewards were halved in order to adjust the price, but the price movement seems to have been stable for a few days after that. Block said, 'Our mining chips provide the performance that miners of all types need to survive and thrive after this halving.'

Block is reportedly partnering with an undisclosed foundry to offer both standalone mining chips and complete mining systems of its own design, which together will reportedly make Block the only well-capitalized large-scale mining hardware vendor.

in Hardware, Posted by log1p_kr