Digital payments company Block, co-founded by Jack Dorsey, has reached the final stages of developing a three-nanometer Bitcoin mining chip.
In a statement released on Tuesday, the company announced that it is now collaborating with a leading global semiconductor foundry to complete the chip’s design.
This brings the firm one step closer to its goal of supporting decentralized mining, which includes offering standalone mining chips and its own full mining system.
Their mining chip will utilize the most advanced semiconductor process currently available and is designed to meet the demands of mining operators in the fifth mining epoch and beyond, following the recent 4th halving of the block subsidy.
The company’s mining build blog tracks their progress in decentralized Bitcoin mining. The fourth Bitcoin halving took place on April 19, reducing the mining reward from 6.25 BTC to 3.125 BTC.
Block believes that their standalone mining chip will set them apart as the only well-capitalized mining hardware vendor with such a solution.
