Former Twitter boss to supply bitcoin mining chips – TechCentral.ie
Jack Dorsey. Image: Shutterstock via Dennis
Block, Jack Dorsey’s payment company that formerly operated under the name Square, will provide special three-millimeter chips for mining Bitcoins.
“Bitcoin mining is not for everyone”, the Twitter co-founder wrote when Block first explored this market in 2021. Vastly powerful computers must be used to surface the remaining bitcoins (of which there are only 21 million). The arithmetic is also becoming increasingly complex. Only wealthy listed companies can still afford this kind of equipment.
And there are more concerns: the ASIC chip used in mining platforms, for example, is manufactured in China, a country not too friendly to the crypto sector.
In May 2023, Block completed the prototype design of a five-nanometer bitcoin mining chip. The company has asked the mining community for further feedback.
The semiconductor could be sold to companies that build mining equipment. But Block wants to start selling machines itself. Dorsey, founder of Twitter, hopes the chips can also be bought by smaller companies.
The semiconductor, by the way, will be open source. That should improve quality.
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