Block, the digital payments company co-founded by Jack Dorsey, has completed development of a 3-nanometer Bitcoin mining chip.
Block said in a statement Tuesday that the company is currently working with a leading global semiconductor foundry to finalize the chip design. This brings the company closer to its goal of supporting decentralized mining, which includes providing standalone mining chips and its own full mining system.
“With our designs demonstrating competitive performance, we are going full tapeout. Our mining chips leverage the most advanced semiconductor processes currently available and will help mining operators of all types survive and thrive in the 5th mining era. “It will provide the performance needed to do so in the period following the recent block subsidy halving for the fourth time and beyond,” Block added in a Mining Build blog that tracks the company’s decentralized Bitcoin mining updates. Yes.
The fourth Bitcoin halving occurred on April 19, reducing Bitcoin mining rewards from 6.25 BTC to 3.125 BTC.
“With our standalone mining chip, we will represent the only large-capitalization mining hardware vendor with these solutions, which will enable mining system innovation and support the development of much-needed new mining system form factors and use cases. “I hope this helps,” Block added.
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Dorsey co-founded the social media platform formerly known as Twitter (now X) in 2006, as well as mobile payments company Square in 2009. Square rebranded to Block in December 2021, driven by its commitment to decentralized technology and cryptocurrency. , The Block previously reported.
“No matter how we grow or change, we will continue to build tools to help increase access to the economy,” Dorsey said at the time.
Block sold a total of $2.52 billion worth of Bitcoin to customers in the fourth quarter of 2023, up 37% from the same quarter a year ago, the company said in its most recent earnings report. Additionally, the company’s payments app, Cash App, generated $66 million in revenue from Bitcoin sales, up 90% from the previous year.
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