Block, the digital payments company founded by Jack Dorsey, has announced the completion of its three-nanometer Bitcoin mining chip. In order to finalize the design, the company is now collaborating with a leading global semiconductor foundry.
This development is a significant step towards Block’s goal of facilitating decentralized mining. In addition to producing standalone mining chips, the company is also working on creating its own comprehensive mining infrastructure.
The completion of the chip comes at a time when the mining reward for Bitcoin has been reduced from 6.25 BTC to 3.125 BTC due to the fourth halving event that took place on April 19. Despite this, Block has reported a notable increase in sales of Bitcoin to clients in the fourth quarter of 2023, with a year-over-year rise of 37% amounting to a value of $2.52 billion.
It is worth mentioning that Jack Dorsey, the co-founder of Twitter, played a significant role in the establishment of Block. In 2006, he co-founded Twitter, which is now known as X. In 2009, he went on to co-found Square, a mobile payments company. In December 2021, Square rebranded itself as Block to emphasize its dedication to cryptocurrencies and decentralized technologies.
In other news, Worldcoin, led by Sam Altman, has revealed plans to increase the supply of its cryptocurrency, WLD, by 19%. This development is expected to have a significant impact on the crypto market.
Overall, Block’s completion of the three-nanometer Bitcoin mining chip marks a milestone in their efforts to enable decentralized mining. With the company’s focus on both standalone mining chips and its own mining infrastructure, it is clear that they are committed to driving innovation in the crypto industry.