Jack Dorsey's tech venture Block has recently purchased Bitcoin (BTC) mining chips from Intel, which accelerates its plans to enter the Bitcoin mining sector. The move was sparked by Intel discontinuing production on ASICs (application-specific integrated circuits). BTC mining ASICs are specially designed chips used to manufacture BTC from a computer.

Block went on to share that they were already in the process of designing their own ASICs prior to their purchase from Intel. This allowed them to focus their design team on the cutting edge 3-nanometer chips development, advancing their testing and design of 5-nanometer chips.

In an effort to increase decentralization, transparency and resiliency, Block informed customers of their motivations to enter the mining equipment market, as they possess the ASIC experience through their point-of-sales payments app.

The purchase of Intel chips ultimately allows Block to move faster in the industry, as they no longer have to wait for their own designs to come to fruition in order to get the hardware they need. Block says the purchase also enabled their prototypes to be generated much faster, allowing them to experiment with different design qualities while they perfect their own 3-nanometer ASICs.

Since the production of one’s own ASICs is a lengthy process that can take months, the purchase of Intel chips for mining may be seen as a move to save time. Consequently, Blocks’s faster entry into the mining sector could possibly strengthen the decentralization, transparency and resiliency of the Bitcoin network.



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