Block, the digital payments company co-founded by Jack Dorsey, has completed the development of its advanced three-nanometer (3nm) Bitcoin mining chip. Following the latest development, Block now focuses on building a full Bitcoin mining system, the company shared in a blog announcement on Tuesday.
we’re building a mining rig https://t.co/IKOQHNSHgO
— jack (@jack) April 23, 2024
The announcement follows the prior development and testing of a five-nanometer (5nm) mining chip prototype. The new 3nm chip is designed to deliver high performance, necessary for mining operators to remain competitive in the current and future mining epochs, particularly after the recent fourth halving.
For the next stage, Block plans to offer a standalone mining chip, positioning itself as a unique, well-capitalized hardware vendor in the mining industry. The company is in the final stages of a full tapeout of the chip design, collaborating with a leading global semiconductor foundry to finalize the product
Building on the development of its Bitcoin mining chip, Block is also working on a full mining system. The company aims to leverage its expertise in product and software development, system engineering, supply chain management, and aftermarket support, to build the system.
These developments are part of the company’s broader goal to decentralize the supply of mining hardware and the distribution of mining power across the industry.
Jack Dorsey revealed plans to build a Bitcoin mining system in 2021, even before his departure from Twitter’s board of directors in May 2022. At the time, he expected the system to be based on custom silicon and open-source so it could be used worldwide by individuals and businesses.
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.
— jack (@jack) October 15, 2021
Beyond Bitcoin mining, Block also created a self-custody Bitcoin wallet, called Bitkey. Last month, the company began distributing Bitkey to customers worldwide.
