Block, Inc. Explores Developing Bitcoin Mining System with Custom Silicon: Key Considerations and Questions Raised by Jack Dorsey

Jack Dorsey, the Co-Founder, Chairperson, and CEO of Block, Inc (NYSE: SE), formerly known as Square, has sparked a Twitter conversation about the potential development of a Bitcoin mining system. This system would be based on custom silicon and open-source technology, catering to both individual users and businesses globally. Dorsey proposed a model similar to the company’s hardware wallet strategy, involving an open development process in collaboration with the community.

In a series of tweets, Dorsey outlined key considerations and questions surrounding the project. He emphasized the importance of decentralizing the mining process for the resilience of the Bitcoin network, highlighted the need for more efficient mining practices, and raised concerns about the concentration of silicon design within a few companies. Dorsey also discussed the lack of focus on vertical integration in the industry and advocated for a more accessible mining system for individuals.

Additionally, Block’s mining division shared exciting updates on their ongoing Bitcoin mining project, revealing the completion of their advanced three-nanometer (3nm) Bitcoin mining chip. This milestone marks a significant step in decentralizing the supply of mining hardware and hash rate distribution. The company is also developing a full Bitcoin mining system, aiming to offer both a standalone mining chip and a complete mining system of their own design.

With their extensive experience in product and software development, system engineering, and supply chain management, Block plans to bring a compelling and differentiated mining solution to the market. The company’s focus on innovation and decentralization in the Bitcoin mining sector is set to drive further advancements in the industry.