On Tuesday, Jack Dorsey’s tech company Block Inc. revealed that they have successfully built their innovative Bitcoin mining chip in their labs, signifying a significant achievement for their mining initiative.
Decentralizing Bitcoin Mining
According to Dorsey’s tweet, Block’s 3-nanometer Bitcoin mining chip is currently undergoing its final design stage at a top semiconductor manufacturing facility.
“Block’s mining chip will make use of the most modern semiconductor technology and provide the necessary performance for miners of all kinds to succeed during and after the fifth mining era, which follows the latest reduction of the block reward subsidy in Bitcoin,” is a paraphrased version.
Last Friday marked the start of the fifth mining stage for Bitcoin, following the validation of block 840,000. This event led to a reduction in Bitcoin’s block reward from 6.25 BTC to 3.125 BTC per block. Apart from fluctuations in Bitcoin’s price and transaction fees, this modification significantly impacts miner income. Consequently, miners must invest in the most energy-efficient mining equipment in order to remain competitive.
Many publicly traded mining companies have warned that small-scale Bitcoin mining at home may become increasingly challenging financially, if not unfeasible, following the Bitcoin halving.
In early 2022, Dorsey expressed his company’s intentions to join the Bitcoin mining scene, with a goal to maintain a high level of decentralization for Bitcoin’s computational power and mining equipment distribution.
Block’s Bitcoin Development Work
Block continues to integrate suggestions from the Bitcoin and mining community into its chip development. Once released, the business will lead as the initial Bitcoin mining hardware supplier with this specific offering.
“Block expressed his hope that this would inspire mining system advancements, leading to the creation of novel forms and applications in the mining technology sector.”
In addition, the company is not only focusing on developing the Bitcoin mining chip but also designing a comprehensive Bitcoin mining system from scratch. The team is open to suggestions regarding the system’s dependability, upkeep, and software capabilities.
Jack Dorsey and Block (formerly Square) have contributed significantly to the advancement of Bitcoin in various ways. They have supported Bitcoin developers financially, ensuring they are shielded legally. Additionally, Dorsey spearheaded the introduction of Bitcoin tipping on Twitter.
Last year, Block introduced the “Bitkey” Bitcoin hardware wallet, which offers advanced cold storage Bitcoin protection through multi-signature technology in an user-friendly format for newcomers to cryptocurrency.
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2024-04-24 02:48