- Block, led by Jack Dorsey, is expanding its bitcoin mining efforts to make it more accessible.
- They have developed a cutting-edge three-nanometer bitcoin mining chip and are working on a complete mining system.
- The goal is to simplify bitcoin mining, democratize access to hardware, and decentralize the distribution of hashrate
Block, the payments company headed by Jack Dorsey, is ramping up its efforts to make bitcoin mining more accessible. Recently, the company announced the successful development of its own three-nanometer bitcoin mining chip, marking a significant step in its journey towards creating a complete mining system. Collaborating with a global semiconductor foundry, Block aims to simplify the process of mining bitcoin, making it as easy as plugging in a rig to a power source.
The company’s vision is to democratize access to bitcoin mining, tackling the challenges faced by operators in the industry. By offering both standalone mining chips and complete mining systems, Block aims to decentralize the supply of mining hardware and the distribution of hashrate. This move addresses issues such as the difficulty in finding mining rigs, their high costs, and unpredictable delivery times.
Jack Dorsey has emphasized the importance of vertical integration and silicon design in advancing the field of bitcoin mining. Under the leadership of Block’s general manager for hardware, Thomas Templeton, the company is focused on enhancing the reliability and user experience of mining operations. Additionally, Block’s venture arm has extended support to Gridless, a company that operates bitcoin mines powered by renewable energy sources in Kenya, Malawi, and Zambia.
