Former Twitter (now X) CEO Jack Dorsey has once again made headlines with a major announcement. He revealed the completion of an advanced Bitcoin mining chip that paves the way for a large-scale Bitcoin mining system. This system, featuring a three-nanometer (nm) design, appears to play a significant role in Block’s ambitious project to decentralize Bitcoin mining hardware supply and hash rate distribution.
Jack Dorsey and the 3nm Bitcoin Mining Chip
The team led by Jack Dorsey, in collaboration with a leading global “semiconductor foundry,” has successfully achieved full-scale production of the design.
This progress follows previous prototypes, a five-nanometer mining chip that revealed critical information and validated the company’s design approach.
The new 3nm chip seems set to enter the market promising competitive performance. It targets mining operators whose rewards were halved following the fourth Bitcoin halving.
This development by Block also encompasses a broader commitment to innovation and community engagement.
The company actively seeks feedback from the mining community to address existing challenges in the industry.
These feedbacks have facilitated the creation of an independent mining chip and shaped approaches based on the presentation of a complete mining system designed in-house.
Dorsey made the following statement on the matter:
Our goal is to support the decentralization of mining… We will represent the only large, well-capitalized mining hardware vendor with such a solution and will offer a standout product in the market.
Block’s extensive experience in product and software development from the past to the present is thought to contribute to the market appeal of the existing mining system. The company has already shipped tens of millions of devices.
Current Bitcoin Price Situation
While all this is happening, eyes remain on the Bitcoin price. Recently, Tesla announced that it had not made any Bitcoin buying/selling transactions.
Following this, attention turned back to the Bitcoin price. The price of Bitcoin was somewhat affected by the news and momentarily dropped to $66,000 but later recovered and has risen to its current level of $66,450.
