- Jack Dorsey’s Block announced the completion of a standalone 3 nm Bitcoin mining chip.
- The new chip is part of a larger strategy to develop a full Bitcoin mining system that will transform the industry.
New Chip from Dorsey’s Block Set to Shake Up Bitcoin Mining
The Bitcoin mining industry is already in a state of flux after the recent halving of miner rewards.
Jack Dorsey’s Block is adding fuel to this fire with their new Bitcoin mining chip.
They also have plans to follow up with a complete mining system designed using direct feedback from miners.
Dorsey’s concerns about the concentration of Bitcoin mining in a small number of pools play a significant role in this effort.
Dorsey’s New Mining Chip Is Decentralizing Decentralized Finance
Block announced the completion of the development stage for the new Bitcoin mining chip on April 23rd.
They also announced that they were already in distribution talks with a “leading global semiconductor foundry.”
This new 3 nm chip was heavily influenced by the success of the previous 5 nm prototype chip.
The insights provided by the 5 nm chip development played a critical role in ensuring the new 3 nm chip would allow mining hardware to be competitive in an increasingly challenging market.
The decentralization and democratization of bitcoin mining were major reasons for the development of this new 3nm chip.
Ensuring competition in an increasingly concentrated mining market is essential to Dorsey’s vision of a truly decentralized Bitcoin.
“Mining isn’t accessible to everyone. Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”
Jack Dorsey, CEO of Block, stated.
Dedicated Bitcoin Mining Rigs to Follow Soon
With this commitment to decentralizing Bitcoin mining in mind, Dorsey also announced the development of a dedicated mining rig.
The main aim of this new project is to decrease the reliance on devices produced by a small number of manufacturers in China.
The over-reliance on a country that has been intermittently hostile to crypto has been a significant concern in the Bitcoin mining community for years.
Another goal of the project was to reduce the heat and noise produced by mining rigs, which are major issues for small-scale miners.
The development of a user-friendly Bitcoin mining system will lower the reliance on Chinese manufacturers and increase hashrate distribution.
New Mining Rig Based on Direct Miner Feedback
Block’s design process for the new mining rig was heavily influenced by input from miners.
They are focusing on a range of key issues that have been identified as barriers to entry, such as maintenance, software features and hardware reliability.
They are also seeking continued feedback throughout the process to further enhance and refine the final product before manufacturing and distribution.
This focus on ease-of-use is a key part of their strategy to encourage a customer base of small-scale Bitcoin miners.
Dorsey Pushing Back Against Defeatism
Many people have simply accepted that the concentration of mining pools is an unfortunate yet inevitable reality.
Jack Dorsey is pushing back on this defeatist attitude by leveraging his technology company, Block, to create products that allow small-scale miners to compete in the market.
This new 3 nm chip was a necessary first step toward Dorsey’s larger aim of a user-friendly mining rig.
Making mining rigs reliable, easy-to-use and accessible will go a long way toward decentralizing the Bitcoin mining market and lowering the reliance on Chinese manufacturing.
