Block Unveils 5nm Bitcoin Mining Chip, Aims to Decentralize BTC Supply2. May 2023
• Block, a financial services and technology company owned by Jack Dorsey, has completed the prototype design of its new 5nm Bitcoin mining chip.
• The aim is to decentralize the supply of Bitcoin mining rigs by making it open source and selling standalone ASICs and other hardware components.
• Block has purchased a large batch of ASIC chips from Intel which will be used to accelerate the development of their proprietary 3nm chip.
Block Developing Decentralized Bitcoin Mining Chip
Block, a financial services and technology company owned by former Twitter CEO Jack Dorsey, has announced that it has completed the prototype design of its new five-nanometre (5nm) Bitcoin mining chip — which it claims is key to decentralizing the supply of Bitcoin mining rigs. The aim is 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”.
Intel Supplying Chips for Development
In order to fast-track this development push, Block added that it has purchased a large batch of ASIC chips from Intel. On April 18, Intel announced that it would halt taking new orders for its Blockscale 1000 Series ASICs by Oct. 20 and end shipping in April 2024 as part of cost-cutting measures. This intake from Intel will help accelerate the development of Block’s proprietary 3nm chip, which upon its release would be one of the most advanced chips yet seen on market.
What Is A Nanometer?
The scale of a nanometer (1nm) is approximately equivalent to the width of two silicon atoms. As parts become smaller they can fit more transistors into a silicon die within an equal size; reducing overall size while increasing efficiency; while also allowing miners access to more powerful computing power with less energy consumption than previous generations.
Benefits Of Decentralization In Mining Rigs
By decentralizing the supply chain in this way, Block aims to optimize innovation as well as maximize competition within hardware producers; creating an environment conducive for better products at lower prices – with increased performance available to miners who use these technologies in comparison with those who don’t have access or are unable or unwilling to purchase such expensive components directly from companies like Intel or AMD.
Overall, developing an open source cryptocurrency mining rig could bring about significant changes in terms both finance and tech sectors; allowing for improved accessibility and affordability when compared with existing solutions; while also encouraging further competition between miners who now have access to these technologies regardless if they have deep pockets or not – all thanks largely due in no small part to Blocks new 5 nm crypto-mining chip design!