Block keeps working on its own decentralized Bitcoin mining system and announced that it completed the development of three-nanometer chips for mining devices.
Block, a company headed by Jack Dorsey, reported progress on decentralized Bitcoin mining. The main achievement is completing a specialized chip created with three-nanometer technology, the most advanced semiconductor process used in industrial manufacturing today.
The chip was designed “with a leading global semiconductor foundry,” but the project’s specific tech partner isn’t specified. According to Block, creating three-nanometer chips for mining devices will help decentralize mining equipment supply and hashrate distribution.
Besides, the company continues to develop a full-fledged decentralized Bitcoin mining system. In this context, Block reps call on mining practitioners to share the key problems and difficulties they face.
The process of collecting feedback from industry participants is already underway. Their opinions were taken into account in the chip’s design and will be considered when developing decentralized mining software. Block representatives are seeking to better understand all stages of the use of mining equipment, from the selection of installations to the maintenance of already purchased equipment.
The developed system and high-performance equipment will allow miners to maintain profitability in the current development cycle of the Bitcoin blockchain, which began after the fourth halving and in subsequent periods.
Jack Dorsey is actively developing various projects in the Web3 field. The project of a decentralized mining system was launched back in 2021. In 2022, the decentralized social network Bluesky kicked off, and in 2023, Block released a cryptocurrency wallet, Bitkey, for BTC self-custody.
