Jack Dorsey, CEO of Block, has announced the completion of an advanced Bitcoin mining chip, setting the stage for the launch of a comprehensive Bitcoin mining system.

This development, achieved with a three-nanometer (nm) design, marks a pivotal moment in Block’s ambitious project aimed at decentralizing Bitcoin mining hardware supply and hashrate distribution.

Dorsey’s team has successfully completed a full tapeout of the design in collaboration with a leading global semiconductor foundry. This advancement follows their previous prototype, a five-nanometer mining chip, which provided critical insights and validated the company’s design approach.

The new 3nm chip promises competitive performance. It aims to cater to mining operators following the fourth Bitcoin halving.

Block’s initiative reflects a broader commitment to innovation and community engagement. The company has been actively soliciting feedback from the mining community to address ongoing challenges in the sector. This dialog has informed their approach to offer a standalone mining chip and a full mining system designed in-house.

“Our goal is to support mining decentralization… We will represent the only large, well-capitalized mining hardware vendor with such a solution and introduce a product that stands out in the market,” Dorsey said.

Read more: 5 Best Platforms To Buy Bitcoin Mining Stocks Ahead of 2024 Halving

Block’s extensive experience in product and software development is expected to enhance the mining system’s market appeal. The company has shipped tens of millions of devices and plans to leverage this background to deliver a differentiated mining solution that addresses the specific needs of today’s Bitcoin miners.

The post Block’s CEO Jack Dorsey Reveals New Bitcoin Mining System appeared first on BeInCrypto.

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