Block Unveils Advanced 3nm Bitcoin Mining Chip and Upcoming Mining Ecosystem

Block, led by Jack Dorsey, has developed a 3nm Bitcoin mining chip and is developing a comprehensive mining system to promote decentralization. The company has completed the chip design and is collaborating with a foundry for production. This innovation aims to enhance mining performance amidst market changes. Block plans to offer both chips and complete mining systems, leveraging its expertise in supply chain, engineering, and software development. The company seeks community input to improve processes and address challenges.

In a significant stride towards promoting decentralization in Bitcoin mining, Jack Dorsey's Block, formerly known as Square, is developing a comprehensive mining system. The company, under Dorsey's leadership, aims to introduce a high-performance, energy-efficient 3nm Bitcoin mining chip [1].

Block's general manager for hardware, Thomas Templeton, announced the company's goals in a Twitter thread, emphasizing the need for a more accessible, reliable, and decentralized mining system [1]. With rising concerns over Bitcoin's centralization due to increasing mining complexity and the concentration of mining hardware in the hands of a few, Block's initiative seeks to address these issues and enhance the overall resilience of the Bitcoin network.

The company is reportedly developing both the mining chip and a complete mining system, leveraging its expertise in supply chain, engineering, and software development [1]. This vertical integration across hardware and software is crucial to Dorsey's vision of making Bitcoin mining as easy as plugging a rig into a power source [1].

Block's plans to develop an open-source mining system and sell standalone ASICs align with its commitment to fostering innovation and promoting the growth of the Bitcoin mining hardware ecosystem [2]. The company's acquisition of a significant number of ASIC chips from Intel, which has ceased production of its Blockscale 1000 Series ASICs, will bolster its efforts to develop cutting-edge 3nm ASIC technology [2].

Decentralizing Bitcoin mining rigs and open-sourcing mining technology are key components of Block's strategy to promote innovation and support the Bitcoin network [2]. By enabling more people to participate in Bitcoin mining, Block aims to foster a more diverse and decentralized ecosystem.

References:
[1] The Verge. (2022, January 14). Jack Dorsey's Block is building an 'open Bitcoin mining system.'. https://www.theverge.com/2022/1/14/22883500/jack-dorsey-block-bitcoin-mining-system-open-source-mainstream
[2] CryptoTimes. (2023, May 1). Jack Dorsey's Bitcoin Mining Chip Prototype Design Completed. https://www.cryptotimes.io/2023/05/01/jack-dorseys-bitcoin-mining-chip-prototype-design-completed/