On April 28, 2023, the corporation updated its website with the news.
Earlier in March, Intel said it would no longer manufacture Bitcoin mining ASICs.
The prototype design of a high-performance Bitcoin mining ASIC at 5 nanometers has been completed by Jack Dorsey’s business, Block. On April 28, 2023, the corporation updated its website with the news.
The American company acknowledged the technological and financial difficulties of manufacturing bitcoin mining ASICs. As a result, there is now a small number of companies controlling the vast majority of the Bitcoin mining ASIC market, which is bad for miners and the Bitcoin network.
Aims to Dominate the Sector
The report claims that recent developments have made it possible for the Block to test out several design iterations and verify their work in order to provide cheap Bitcoin mining chips. In addition, Intel ASIC chips were recently purchased by the corporation in bulk.
Earlier in March, Intel said it would no longer manufacture Bitcoin mining ASICs. As the demand for Bitcoin mining increased, the tech giant released its Blockscale line in April 2022.
The company looks to be changing course and has announced that it would cease producing and accepting orders for Blockscale chips as of April 2024. Block plans to use this as a springboard to build its 3-nanometer chip-based proprietary mining kits more quickly. This is currently the most advanced chip technology available.
Block’s goal is to completely alter the dynamic of Bitcoin mining with its unique chips. Block’s open-source nature is one of its distinguishing features. Moreover, this implies that its programmes and software may be used by anybody for any purpose, including testing, updating, and incorporation into other projects.