Jack Dorsey’s company Block(NYSE:SQ), formerly known as Square, has broadened its Bitcoin mining ambitions by transitioning from chip design to developing a comprehensive mining system.
In a recent blog post, Block revealed its achievement in creating a standalone three-nanometer Bitcoin mining chip and announced collaboration with a prominent global semiconductor foundry to finalize the chip’s design.
Beyond chip development, Block plans to extend its efforts to include system design, aiming to address challenges faced by Bitcoin miners and decentralize hardware supply and hashrate distribution.
The project seeks to overcome obstacles such as limited availability and high costs of mining rigs, while improving user experience and operational reliability.
Although specific details about the mining system are limited, Dorsey had previously hinted at a “Bitcoin mining system based on custom silicon” and emphasized the importance of vertical integration and diversification in silicon design.
This development follows the recent Bitcoin halving, which reduced new Bitcoin issuance. Dorsey’s vision extends beyond Bitcoin generation, as Block’s venture arm supports Gridless, a company operating Bitcoin mines powered by renewable energy in Kenya, Malawi, and Zambia.
Gridless utilizes innovative methods, such as solar power and geothermal energy, to power its operations and provide electricity to rural areas. With six mines across multiple countries, Gridless demonstrates the potential for Bitcoin mining to drive renewable energy adoption and incentivize sustainable development.
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Source: https://cryptocurrencynews.com/block-expands-bitcoin-mining-with-3nm-chip/
