Jack Dorsey’s nano Bitcoin mining chip heads to prototype

April 30. 2023

By Tom Mitchelhill

Block has completed the design of its new prototype ASIC chip that it says will fast-track its plan to bring an “open source” Bitcoin mining rig design to market.

Block, the financial services and technology company owned by former Twitter CEO Jack Dorsey, has announced it has completed the prototype design of its new five-nanometre (5nm) Bitcoin (BTC$28,563) mining chip — which it claims is key to decentralizing the supply of Bitcoin mining rigs.

According to a blog post published on April 28, Block explained that developing Bitcoin mining ASIC rigs is both financially and technically challenging. The result of this has been “the excessive concentration of custom bitcoin mining silicon” in the hands of a select few companies. Block deems this centralization harmful to both miners and the Bitcoin network as a whole.

Notably, the San Francisco headquartered company wrote that it plans to make Bitcoin mining technology “open source” where possible by selling standalone ASICs and other hardware components to “optimize innovation and maximize the size of the Bitcoin mining hardware ecosystem.”

The post adds that the steps taken over the past few months will allow the firm to experiment with new designs and aid them in bringing more efficient and affordable Bitcoin mining chips to market. In order to fast-track this development push, Block added that it has purchased a large batch of ASIC chips from Intel.

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