Jack Dorsey's Blockchain payment company has switched its focus from chip development to the development of a complete bitcoin mining system, UNN reports with reference to Cryptonews.
In a recent blog post, Block revealed its achievement in developing a standalone three-nanometer (3 nm) chip for bitcoin mining and said it is currently working with a leading global semiconductor foundry to complete the chip's design.
However, the company's mining project is not limited to chip design. It plans to expand its efforts to include system design as well.
"We have spent a lot of time talking to many bitcoin miners to identify the problems faced by mining operators," the statement said.
Based on this insight and in line with our goal of supporting decentralized mining, we plan to offer both a standalone mining chip and a complete mining system of our own design.
Concerns about network stability and hardware vulnerabilities have long plagued the bitcoin community.
The ASIC chips used in mining rigs are mostly produced in China, a country that demonstrates a hostile attitude towards the cryptocurrency sector.
The Jack Dorsey Block initiative is aimed at decentralizing the supply of mining equipment and distributing a hashrate that serves as a measure of competition in the industry and the complexity of mining.
One of the main obstacles that the Block is trying to overcome is the limited availability and high cost of mining facilities.
In addition, the company aims to improve the user experience and reliability of mining operations by addressing common issues such as heat dissipation and noise generation.
Although there are no specific details about the mining system in the announcement, Dorsey has previously mentioned the possibility of a "special silicon-based bitcoin mining system.
He also emphasized the need for greater vertical integration and diversification of silicon design, which he believes is currently concentrated in a few companies.
The latest development comes shortly after the latest bitcoin halving that recently occurred and cut the issuance of new bitcoins in half.
Dorsey's vision of accessible mining goes beyond the creation of new bitcoins, the publication adds.