Block Inc, the payment firm that was established by Jack Dorsey (former Twitter CEO), has given a new update on its progress in the case of exclusive hardware for Bitcoin mining. The company was formerly known as Square however, Dorsey eventually rebranded it. The latest update indicates that the platform is attempting to make hardware to mine the chief crypto token Bitcoin.
3-Nanometer ASIC Chip of Block for BTC Mining Undergoes Development Procedure
Recently, a declaration by the company disclosed that it focused a lot on the concentration-related issues of the industry. Nonetheless, the firm added that it was continuously moving ahead to stay true to its commitment. Back in 2021’s October, Block’s founder stated that he was interested in developing a mining system for the top crypto token.
In this respect, he pointed toward an accessible, open, efficient, and distributed mining system. As per Dorsey, the respective system would bring more resilience to the Bitcoin network to facilitate the businesses and individuals linked to it. That was the time when the tech giant had specified a centralization problem. This issue is within the space of silicon design as well as the supply of Application-Specific Integrated Circuits (ASICs) responsible for mining Bitcoin.
These are the machines and chips that are particularly developed to optimize Bitcoin’s proof of work mechanism. In line with an update published on the 28th of the recent month, the company revealed that it is now standing in a good position to assist in addressing the above-mentioned issue. For this purpose, it will introduce exclusive mining ASICs and hardware solutions for Bitcoin.
The financial services platform additionally asserted that it possesses a solid background in structuring ASICs. Keeping that in view, it targets elevating the decentralization, resiliency, and transparency of the prominent crypto network of Bitcoin. In an attempt to achieve these objectives, the company’s strategy is to create an open-source technology for Bitcoin mining to enhance the accessibility of the network.
Thomas Templeton, the hardware general manager at Block, had commented back in 2022 that the firm was making great efforts to deal with the primary customer pain points following the initial announcement by Block. In the release, it was added that – since the commencement of the project, the firm has shown substantial progress while developing the ASIC.
This has taken into account forming a team of those developing and designing the earliest structures that are experimenting with the finest ASICs available on the market. Although the reports say that Block is making a unique modified mining ASIC for BTC, it additionally got a large number of such ASICs from the tech giant Intel.
As mentioned by Block, the company has increased the speed by which its system for mining is being developed. Additionally, the design team thereof is permitted to focus on the development of the 3-nanometer ASIC. The statement also signifies that the buyout will increase and the development will be pushed to the markets.
5-Nanometer Design of the ASIC to be Prototyped by Block
In the meantime, the company brought to the front that it has progressed in the case of developing a prototype of the completed 5-nanometer design. Furthermore, the release categorizes this move to be a landmark for the company to permit the experimentation of the design variants, the validation of the design work, as well as calibration of the testing on actual silicon.
Tidex.com – A Detailed Review of Tidex Cryptocurrency Exchange
Coinbase Revolutionizes Money Transfers with Social Media Integration
Robinhood Claims 75% Surge in Crypto Trading During November 2023
You have not selected any currencies to display