Block Inc., a company owned by Jack Dorsey, she announced on Tuesday that it had completed work on an advanced bitcoin mining chip.
Jack Dorsey and his BTC mining chip
Block's three-nanometer bitcoin mining chip is ready, according to a statement shared by Dorsey on X. Currently, work is underway to launch its mass production. Talks are being held with a market-leading semiconductor factory.
Our mining chip will utilize the most advanced semiconductor process currently available and will provide the performance required for mining operators of all types to survive and thrive in the fifth mining era (the period following the recent fourth block reward halving (on the BTC network)) and beyond
– the company said.
The mentioned fifth mining era in the Bitcoin network officially began last Friday after the creation of 840,000 blocks, i.e. after another halving. In practice, it means reducing the reward in the cryptocurrency network from 6.25 BTC to 3.125 BTC for one block.
The new era means not only a predicted jump in the BTC price, but also a significant reduction in miners' income. This, in turn, is important for the latter's business. They need to buy new, more efficient excavators. And of course sell bitcoins at higher prices.
Dorsey's company wants to take advantage of this phenomenon. If its chip is very efficient, it may turn out to be a sales hit.
The company's experts claim that they took into account feedback from the mining industry when developing the chip. The company wants to become the first manufacturer of bitcoin mining equipment offering cutting-edge technological solutions.
We hope this will help unlock innovation in mining systems and support the much needed development of new forms and use cases of mining systems
– added Block.
A chip is not enough!
Moreover, in addition to the mining chip itself, the company is also working on a full bitcoin mining system of its own design. It is therefore possible that in some time its solutions will revolutionize the cryptocurrency mining market.
Last year, Block also unveiled its bitcoin hardware wallet, Bitkey, which provides BTC storage in a highly secure manner. Additionally, operating the device is very simple, which is important for younger investors.
Jack Dorsey himself helped develop Bitcoin as a project in yet another way. It is worth mentioning the financing of legal protection for Bitcoin developers. When he headed Twitter (today X), he also prepared the website for a real bitcoin revolution.
