Jack Dorsey’s Block Completes Development of 3nm Bitcoin Mining Chip

Block Inc., a fintech company founded by Jack Dorsey, has announced the completion of its advanced Bitcoin mining chip. This marks a significant milestone for the company’s mining project. The 3nm Bitcoin mining chip is currently undergoing its full design tapeout with a leading semiconductor foundry.

The chip will utilize the most advanced semiconductor process available, providing the necessary performance for mining operators to thrive in the fifth mining epoch and beyond. This epoch officially began after Bitcoin block 840,000, which reduced Bitcoin’s fixed block subsidy from 6.25 BTC to 3.125 BTC per block. This decrease has resulted in a significant cut to miner revenues, emphasizing the need for energy-efficient equipment.

Block aims to keep Bitcoin’s hash rate and the distribution of mining hardware decentralized. The company is incorporating feedback from the Bitcoin and mining industry into its chip design. Upon launch, Block will become the first Bitcoin mining hardware vendor with a solution of its kind.

In addition to the mining chip, Block is working on a full Bitcoin mining system of its own design. The company is seeking design feedback on areas such as reliability, maintenance, and software features. This development aims to unlock mining system innovation and support the development of new mining system form factors and use cases.

Jack Dorsey and Block have contributed to Bitcoin development in various ways, including financing legal protection for Bitcoin developers and pioneering Bitcoin-based tips over Twitter. Last year, Block unveiled its Bitcoin hardware wallet, “Bitkey,” which provides multi-signature cold storage Bitcoin custody accessible to crypto newcomers.