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<p>Block Inc. has completed its much-awaited Bitcoin mining chip development. The firm, which was formerly known as Square, has completed the creation of the Bitcoin mining chip amid <a href="https://coingape.com/tag/block-inc/" target="_blank" rel="noopener noreferrer nofollow">Jack Dorsey</a>, the company’s CEO,&nbsp; pushing for a more open and decentralized system since 2021.</p>
<h2 id="block-inc-completes-bitcoin-mining-chip-development">Block Inc Completes Bitcoin Mining Chip Development</h2>
<p>According to <a rel="noopener noreferrer nofollow" href="https://www.bloomberg.com/news/articles/2024-04-23/jack-dorsey-s-block-finishes-development-of-bitcoin-mining-chip?utm_content=crypto&amp;utm_medium=social&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter" target="_blank">Bloomberg</a>, Block Inc. has finished developing the eagerly anticipated Bitcoin mining chip. Given that these chips are essential to building some of the most sophisticated computers, the three-nanometer chip has the potential to be a significant participant in the rapidly expanding mining sector.</p>
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<h2 id="block-s-bitcoin-mining-chip-to-help-elevate-profits">Block’s Bitcoin Mining Chip to Help Elevate Profits</h2>
<p>Bloomberg also highlights that the development process for the chip, which drives specialized computers that mine Bitcoin, may be time-consuming and expensive, making it difficult for newcomers to compete with the incumbent. During the cryptocurrency boom, only a few Asian chip manufacturers have made a sizable profit. Bitmain, based in Beijing, has dominated the industry and made billions of dollars. Chipmaker Intel terminated its Bitcoin mining program in early 2023 during a collapse in the cryptocurrency market.</p>
<p>However, the chip development can now help elevate profit levels for miners who work in the industry. Per the announcement, the company is “in the process of completing a full tapeout of the design with a leading global semiconductor foundry.”</p>
<h2 id="block-s-bitcoin-mining-chip-to-reduce-chip-industry-woes">Block’s Bitcoin Mining Chip to Reduce Chip Industry Woes</h2>
<p>The innovation also comes at a time when the chip industry is slightly turbulent at the moment.&nbsp;The essential enabling technology that supports innovation in a wide range of products across almost every sector of our economy is semiconductor technology. Due to typical market conditions, the semiconductor industry saw an 8.2% fall in global revenue to $526.9 billion in 2023 from a record sum of $574.1 billion in chip sales in 2022.</p>
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<p>The post <a href="https://coingape.com/block-inc-successfully-wraps-up-bitcoin-mining-chip-development/" rel="noopener noreferrer nofollow">Block Inc Successfully Wraps Up Bitcoin Mining Chip Development</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Block Inc Successfully Wraps Up Bitcoin Mining Chip Development

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