Block Inc (formerly Square), a payments company founded by former Twitter CEO Jack Dorsey, has updated its progress on developing its own bitcoin mining hardware.
In a recent announcement, the company acknowledged the industry concentration problem but still pushed forward with its commitment.
Update the block’s ASIC version
In October 2021, Jack Dorsey expressed interest in building a Bitcoin mining system. He envisioned a distributed, efficient, open and accessible mining system. This, in turn, will make the Bitcoin network more flexible for individuals and businesses.
At the time, the tech mogul pointed out the problem of centralization. An issue in the silicon design space and supply of ASICs for bitcoin mining. This stands for Application Specific Integrated Circuits. In this case, the chips and machines are specifically designed to improve Bitcoin’s Proof of Work.
According to Apr 28 to updateBlock stated that,
“is uniquely well positioned to help address this problem by offering a bitcoin mining ASIC and hardware solution.”
The financial services company has also noted that it has a strong background in designing ASICs and aims to increase the transparency, resilience, and decentralization of the Bitcoin network. In line with this goal, Block plans to make its bitcoin mining technology open source wherever possible, the statement notes.
Thomas Templeton, general manager of devices at Block, noted last year that the company is Pursuit To address the core pain points of consumers after Block’s initial announcement.
The statement adds:
“Since the project began, we have made significant progress in developing our ASIC. This has included assembling a team of ASIC designers and developing preliminary designs that are competitively tested with the best ASICs on the market.”
The software engineer hiring wave continues
While Block is said to be developing an ASIC for its own custom bitcoin mining, it has also acquired a large number of bitcoin mining ASICs from Intel. According to Block, it accelerated the development of its mining system and allowed its design team to focus on 3nm ASIC development. The statement also indicates that buying will accelerate and drive development in the markets.
Meanwhile, Block said it has progressed with producing a prototype of its final five-nanometer design. The release also highlights,
“This is an exciting milestone that will allow us to experiment with design variables, validate our design work, and calibrate our tests on real silicon.”
While Block is making significant progress in its ASIC development, it is also assembling a team of software engineers.
However, Lindsey Grossman, Head of Business at Block’s Bitcoin Wallet, stated on Twitter that the company is mitigation Ramps on/off fiat and crypto for users.
March launch He indicated that it will enable people to own and manage their money. The company is promoting a self-trusting Bitcoin wallet to connect distributed systems with traditional centralized funds.
Adhering to the Trust Project’s guidelines, BeInCrypto is committed to providing unbiased and transparent reporting. This news article aims to provide accurate and timely information. However, readers are advised to independently check the facts and consult with a professional before making any decisions based on this content.