Jack Dorsey’s nano Bitcoin mining chip heads to prototype

Would You like a feature Interview?

All Interviews are 100% FREE of Charge

Block, a financial services and technology company owned by former Twitter CEO Jack Dorsey, has announced that it has completed a prototype design for a new five-nanometer (5nm) bitcoin (BTC) mining chip. Bitcoin mining rig.

according to the blog director Block, which went public on April 28, explained that developing a Bitcoin mining ASIC rig would be difficult, both financially and technically. This resulted in an “overconcentration of custom bitcoin mining silicon” in the hands of a select few companies. Block believes this centralization is detrimental to miners and the Bitcoin network as a whole.

Stay up-to-date on our mining initiatives.This is about ASIChttps://t.co/bJOM9YNxfl

— Thomas Templeton (@TempletonThomas) April 28, 2023

In particular, the San Francisco-based company aims to “optimize innovation and maximize the scale of the Bitcoin mining hardware ecosystem,” by selling standalone ASICs and other hardware components to help Bitcoin mining. You write that you plan to make the technology as “open source” as possible.

The post adds that the steps taken over the past few months will allow the company to experiment with new designs and bring more efficient and affordable bitcoin mining chips to market. Block added that he purchased a large number of his ASIC chips from Intel to speed up this development.

On April 18th, Intel announced that it will stop taking new orders for its Blockscale 1000 series ASICs by October 20th and stop shipping them in April 2024 as part of its cost-cutting measures. Block says this heavy uptake of his ASICs from Intel will help accelerate the development of his own 3nm chips.

“Now we can focus our design team on leading-edge 3-nanometer ASIC development.”

The nanometer (1nm) scale is approximately the width of two silicon atoms.As chip components get smaller, more transistors can fit in silicon die of the same size. By reducing the overall size, the current has to travel a shorter distance in the circuit to perform the calculations, thus increasing overall efficiency and generating less heat.

Related: Mineflation: The cost of mining 1 Bitcoin in the US will rise from $5,000 to $17,000 by 2023

It’s worth noting that 5-nanometer ASIC chips have been around for some time. The earliest 5nm ASICs will be released by Chinese mining company Canaan in 2021. Most Bitcoin mining ASICs today run on 5nm chips. But no company has open-sourced the design of an ASIC chip.

ASIC stands for “application-specific integrated circuit” and refers to a computerized device optimized to complete a single computational function, typically used for mining proof-of-work cryptocurrencies such as Bitcoin. will be

magazine: Best and Worst Countries for Crypto Taxes — More Crypto Tax Tips