On October 15, 2021, Jack Dorsey, the Co-Founder, Chairperson, and CEO of Block, Inc (NYSE: SE), previously known as Square, started a discussion on Twitter about creating a Bitcoin mining system. This proposed system would utilize custom silicon and open-source technology, making it accessible to individuals and businesses worldwide. Dorsey suggested an approach akin to the company’s hardware wallet strategy, which includes an open development process in partnership with the community.
Dorsey shared various important thoughts and queries related to the project via a string of tweets.
- Decentralization of Mining: Dorsey emphasized the importance of distributing the mining process. He argued that decentralization is crucial for the resilience of the Bitcoin network, especially after the last Bitcoin has been mined. According to him, the main role of miners in securing transactions without relying on trusted third parties remains vital indefinitely.
- Efficiency of Mining: He pointed out the need for more efficient mining practices, suggesting that advancements in clean and efficient energy usage are not only beneficial for Bitcoin’s economics but also for its environmental impact and scalability. Dorsey called for innovation across silicon, software, and integration, querying the community about the largest opportunities in this area.
- Concentration in Silicon Design: Dorsey highlighted concerns over the concentration of silicon design within a few companies, which might lead to supply constraints. He noted that silicon development is costly, demands long-term investment, and benefits significantly from close integration with software and system design. He questioned why more companies are not involved in this sector.
- Need for Vertical Integration: The thread also touched on the lack of focus on vertical integration in the industry. Dorsey suggested that considering hardware, software, productization, and distribution as a single system could enhance accountability and improve accessibility to end users.
- Accessibility of Mining: Finally, Dorsey addressed the accessibility of Bitcoin mining, advocating for a system where setting up a mining rig would be as simple as plugging it into a power source. He pointed out the current lack of incentive for individuals to engage in mining due to its complexity and asked for input on the biggest barriers faced by people interested in running miners.
Square is pondering the creation of a Bitcoin mining system using custom silicon and an open-source design, which can be accessed by individuals and businesses globally. If this project moves forward, we’ll adopt our hardware wallet approach: develop in the open with community input. Here are some initial thoughts and queries.
— jack (@jack) October 15, 2021
On April 23rd, Block’s Bitcoin mining unit unveiled new developments in their project during an announcement. They announced the successful completion of creating a 3nm Bitcoin mining chip – an advanced version. Currently, they’re working closely with a top semiconductor foundry to finalize the design’s blueprint.
Block’s mining unit highlighted that reaching this achievement is significant in their mission to decentralize the production of Bitcoin mining equipment and the allocation of hash rate. Previously, they disclosed information about their advanced 5nm mining chip prototype, which not only met its technical specifications but also confirmed the effectiveness of its design strategy.
Based on Block’s announcement, their upcoming 3nm mining chip will employ the most cutting-edge semiconductor technology, enabling it to meet the performance needs of mining operators during the fifth mining era (the timeframe after the latest 50% reduction in block rewards) and beyond.
At the same time, Block’s mining unit revealed plans for creating a complete Bitcoin mining setup. The firm has been actively collaborating with the Bitcoin mining industry, carefully considering the opinions and expertise of numerous miners to understand the hurdles they encounter in their operations.
Block announced their intention to design and provide both individual mining chips and complete mining systems, aligning with their objective to foster decentralized mining. They emphasized that they would be the major mining hardware vendor offering a standalone chip solution, aiming to stimulate innovation in mining systems and contribute to the emergence of new mining system shapes and applications.
Block’s mining division aims to utilize their extensive background in creating products and software, designing systems, managing supplies, and providing post-sales support for their Bitcoin mining system. They have shipped tens of millions of devices and intend to apply this knowledge to create a distinctive and attractive mining solution for consumers.
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2024-04-24 09:56