Former Twitter CEO Jack Dorsey’s company continues its breakthroughs in the blockchain mining space.
Dorsey announced on Twitter that they will move to prototype in mining chips. Block has completed the design of the new prototype ASIC chip, which he says will accelerate his plan to bring an “open source” Bitcoin mining rig design to market.
Jack Dorsey’s Company To Complete Bitcoin Mining Equipment
Block, a financial services and technology company owned by Twitter Former CEO Jack Dorsey, announced that it has completed the prototype design of its new five nanometer Bitcoin mining chip.
According to a blog post published on April 28, Block stated that developing Bitcoin mining ASIC hardware is both financially and technically challenging.
Block thinks that centralizing the production of mining equipment is harmful to both miners and the Bitcoin network as a whole. The San Francisco-based company wrote that it plans to make Bitcoin mining technology as “open source” as possible by selling standalone ASICs and other hardware components to “optimize innovation and maximize the size of the Bitcoin mining hardware ecosystem.”
We have an update on our mining initiative. This one is about ASICshttps://t.co/bJOM9YNxfl
— Thomas Templeton (@TempletonThomas) April 28, 2023
The post shared on Twitter explains that the steps taken in the last few months will allow the company to try new designs and help them bring more efficient and affordable Bitcoin mining chips to market.
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