Jack Dorsey’s Block Has Completed the Development of Bitcoin Mining Chip
- Block Inc. has completed the development of its Bitcoin mining chip.
- The firm confirmed that it is also developing a full Bitcoin mining system.
- Block first confirmed the move in 2021 and is also working on a hardware crypto wallet.
San Francisco-headquartered digital payments company, Block Inc., formerly known as Square, has announced the completion of its Bitcoin mining chip development. This marks a major step in Chief Executive Jack Dorsey’s ongoing efforts to promote a more accessible and decentralized system.
The newly developed three-nanometer chip capable of powering specialized computers for Bitcoin mining operations has set a benchmark for new entrants. It is important to note that the creation of such chips is a time-consuming and costly process.
Block Inc. stated in a Tuesday announcement:
“This marks an important milestone in our Bitcoin mining project. Additionally, with our chip design complete, we are excited to share that we are developing a full bitcoin mining system.”
Notably, Dorsey had initially announced Block’s efforts to develop the Bitcoin mining system in 2021, coinciding with the introduction of a hardware wallet for the…
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