Block, a digital payments firm co-founded by Jack Dorsey, has successfully completed the development of a cutting-edge three-nanometer Bitcoin mining chip. The company is now collaborating with a leading global semiconductor foundry to finalize the chip’s design, marking a significant step towards its vision of supporting decentralized mining.
In a statement released on Tuesday, Block revealed its progress in developing the mining chip and its plans to offer standalone mining chips and its own full mining system. The company’s aim is to provide miners with the tools and technology necessary to thrive in the evolving landscape of Bitcoin mining.
“Having completed the design phase and demonstrated competitive performance, we are moving forward with the full tapeout process. Our mining chip will leverage the most advanced semiconductor process available, delivering the performance required for mining operators to succeed in the fifth mining epoch and beyond,” stated Block.
The announcement was made on Block’s mining build blog, which serves as a platform for sharing updates on the company’s decentralized Bitcoin mining initiatives. The recent fourth Bitcoin halving, which occurred on April 19, marked a reduction in the mining reward from 6.25 BTC to 3.125 BTC.
“With the introduction of our standalone mining chip, Block aims to become the premier provider of large-scale, well-capitalized mining hardware solutions. We believe this will foster innovation in mining system design and facilitate the development of new form factors and use cases for mining equipment,” the statement continued.
Block’s commitment to advancing the field of Bitcoin mining reflects its dedication to supporting the decentralization and sustainability of the cryptocurrency ecosystem.