Jack Dorsey’s Block Is Building a Bitcoin Mining System
Block, the payments company founded by ex-Twitter CEO Jack Dorsey, is developing its own bitcoin mining system. The company has completed the development of a three-nanometer mining chip and is currently designing the full system with a global semiconductor foundry. The decision to develop a full bitcoin mining system came after discussions with community members about industry challenges. Block aims to support mining decentralization by offering both a standalone mining chip and a full mining system. The bitcoin mining industry is largely controlled by a few players, with Bitmain controlling approximately 60% of the market. Block completed a five-nanometer bitcoin mining chip prototype in May 2023, which uses the same technology as Bitmain’s S21 mining machine. The latest halving event on April 20, which reduced the issuance of new bitcoin by 50%, has increased the need for faster mining speed, lower costs, and enhanced reliability.
