Jack Dorsey, founder and former CEO of X (formerly known as Twitter) has diversified in bitcoin as his payments company Block has developed a crypto mining system.
A blog post by Block (formerly known as Square) has revealed that it has succeeded in producing a 3nm bitcoin mining chip after months of research and development. This chip aims to decentralise the hardware supply for Bitcoin mining. Block also unveiled plans to broaden the scope of its mining project with a system design.
“Our mining chip will utilise the most advanced semiconductor process currently available and will deliver the performance required for mining operators of all types to survive and thrive in the fifth mining epoch (the period following the recent fourth halving of the block subsidy) and beyond,” the company said.
Jack Dorsey also posted on X with the tagline “We’re building a mining rig.” Block also added that the project's objective is to decentralise the distribution of hash rate, a measure of mining difficulty and industry competition, as well as the supply of bitcoin mining hardware.
Dorsey had first revealed about their Bitcoin mining system in 2021, which was made of a custom silicon chipset. Dorsey continued at that time to discuss his views on the need for increased attention to silicon design, which he claimed is too concentrated among a few companies, with a focus on vertical integration.
However, the mining industry in general has seen several roadblocks in the last few years, with many regulatory changes and reduced rewards that have seen the decline of crypto miners. But, Dorsey sees his mining system as a long-term need for a future that is fully decentralised and without any pre-agreements.
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