Jack Dorsey’s Bitcoin Mining Chip Prototype Is Coming

Block has completed the design of its new prototype ASIC chip. This chip will help accelerate its plan to launch an “open source” bitcoin mining rig and promote the decentralization of bitcoin mining rig supply. Developing ASIC platforms for bitcoin mining is both a financial and technical challenge, leading to an “over-concentration of custom bitcoin mining silicon”. This is in the hands of a select number of companies.

state-of-the-art chip

Jack Dorsey’s technology and financial services company plans to open up bitcoin mining technology wherever possible. This is to be achieved through the sale of standalone ASICs and other hardware components.

Block has purchased a large batch of ASIC chips from Intel as Intel has announced that it will not accept new orders for Blockscale 1000 series ASICs until October 20. Block claims this inclusion of Intel’s ASICs will help accelerate development of his own 3nm chip, which he says is the most advanced chip to date.

The company plans to release more efficient and affordable bitcoin mining chips to break the centralization of custom bitcoin mining silicon and encourage innovation and decentralization. Block’s new prototype ASIC chip is a 5nm chip that he says is key to decentralizing the supply of bitcoin mining rigs. The smaller the chip parts get, the more transistors can fit on a silicon chip of the same size. This improves overall efficiency and reduces the amount of heat generated.

equipment for mining bitcoins

Currently, most bitcoin mining ASICs use 5nm chips; however, no company has released their ASIC chip designs as open source. Block is planning open-source bitcoin mining technology to reduce centralization and improve network efficiency. This could help drive innovation and decentralize the supply of bitcoin mining rigs.

In a blog post, Block explained that the steps taken in recent months would allow them to experiment with new designs. It will also help them bring more efficient and affordable bitcoin mining chips to market. The company plans to “open source” Bitcoin mining technology to reduce centralization and improve network efficiency. With these efforts, Block hopes to enable the decentralization of energy supply, giving individuals greater control over their energy consumption and less reliance on large energy companies.”

This can be interpreted as a strategy to promote the energy transition. This encourages people to use renewable energy sources and generate their own energy rather than relying on fossil fuels and big energy companies. Decentralized energy supply can result in a more decentralized and resilient energy system, less subject to outages and more aligned with the needs of individuals and communities.

Source: Btc Direct