Jack Dorsey’s company, formerly known as Square, has taken a step towards expanding its involvement in the world of Bitcoin. By shifting from chip design to a complete mining system, they hope to achieve their mining goals more efficiently.
In a recent blog post, Block (formerly Square) revealed their creation of a three-nanometer standalone device specifically designed for Bitcoin mining. They also announced a partnership with a prominent global semiconductor foundry to finalize the chip’s design.
But their plans go beyond chip development. Block also aims to design entire systems for Bitcoin mining, in order to address issues faced by miners such as limited availability of equipment and high costs. This effort also aims to improve the user experience and operational reliability.
Although details are still scarce about this new venture, Jack Dorsey has previously hinted at a “Bitcoin mining system based on custom silicon” and emphasized the importance of vertical and horizontal integration in silicon design.
This development follows the recent Bitcoin halving, which reduced the new Bitcoin issuance. But Dorsey’s vision for Block’s involvement in the cryptocurrency world extends beyond just generation of new coins. Their venture arm supports Gridless, a company that operates Bitcoin mines powered by renewable energies in Kenya, Malawi, and Zambia.
Gridless uses solar and geothermal power to run their operations and provide electricity to rural areas. With mines in multiple countries, they demonstrate the potential for the Bitcoin mining industry to promote the use of renewable energies and contribute to sustainable development.
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