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Block, a fintech firm founded by former Twitter CEO Jack Dorsey, has finished the prototype design of a novel Bitcoin mining chip
The chip is intended to decentralize the supply of Bitcoin mining rigs and is five-nanometer (5nm) in size. The development of Bitcoin mining ASIC rigs is technically and financially challenging, resulting in a concentration of custom Bitcoin mining silicon in the hands of select companies, which Block considers harmful to both miners and the Bitcoin network.
Block aims to make Bitcoin mining technology "open source" by selling standalone ASICs and other hardware components to "optimize innovation and maximize the size of the Bitcoin mining hardware ecosystem." The firm plans to experiment with new designs and introduce more efficient and affordable Bitcoin mining chips to the market. In order to speed up the development process, Block has acquired a significant quantity of ASIC chips from Intel.
Intel announced that it would halt taking new orders for its Blockscale 1000 Series ASICs by October 20 and end shipping in April 2024. Block plans to use these ASICs to accelerate the development of its proprietary 3nm chip, which it claims will be the most advanced chip to date. In terms of scale, a nanometer (1nm) is roughly equal to the width of two silicon atoms. As parts of the chips become smaller, more transistors can fit into a silicon die of the same size, improving overall efficiency and decreasing the amount of heat produced.
Block's Open-Source Bitcoin Mining Chip to Decentralize Mining Power
While 5nm ASIC chips have been around for some time, most Bitcoin mining ASICs currently run on 5nm chips, but no company has made their ASIC chip designs open source. ASIC stands for "application-specific integrated circuit" and refers to a computerized device optimized to complete a single computational function. They are computerized devices optimized for mining Proof-of-Work cryptocurrencies like Bitcoin.
With the completion of the prototype design of its new ASIC chip, Block plans to bring its "open source" Bitcoin mining rig design to the market, which will benefit both miners and the Bitcoin network. By providing affordable and efficient mining hardware, Block aims to reduce the concentration of mining power in the hands of a select few companies and decentralize the mining process. The availability of open-source designs will also allow for greater innovation and competition in the Bitcoin mining industry.
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