Bitcoin

Block

April

Payments firm Block, formerly known as Square, has announced plans to develop a Bitcoin (<a href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow">BTC</a>) mining system in response to challenges faced by mining operators.
In an April 23 blog post, Block <a href="https://www.mining.build/latest-updates-3nm-system/" target="_blank" rel="noopener noreferrer nofollow">said</a> it had completed development of a three-nanometer chip used for BTC mining, which led to the firm announcing a “full Bitcoin mining system.” Block — then Square — CEO Jack Dorsey <a href="https://cointelegraph.com/news/jack-dorsey-s-square-plans-to-build-an-open-source-bitcoin-mining-system" rel="noopener noreferrer nofollow">suggested a collaborative approach</a>&nbsp;to decentralize Bitcoin mining in October 2021.
“We’ve spent a significant amount of time talking to a wide variety of bitcoin miners to identify the challenges faced by mining operators,” said Block. “Building on these insights and pursuant to our goal of supporting mining decentralization, we plan to offer both a standalone mining chip as well as a full mining system of our own design.”
<figure><img src="https://s3.cointelegraph.com/uploads/2024-04/13c43e55-4e0b-4794-a8d1-1d7e5bc51f87.png">
 <figcaption style="text-align: center;">Source: <a href="https://twitter.com/jack/status/1782812921719902475" target="_blank" rel="noopener noreferrer nofollow">Jack Dorsey</a>
 </figcaption>
</figure>
Block <a href="https://cointelegraph.com/news/jack-dorsey-s-nano-bitcoin-mining-chip-heads-to-prototype" rel="noopener noreferrer nofollow">completed a prototype design</a> of a five-nanometre BTC mining chip in May 2023, claiming at the time the centralization of chip development in the hands of a few companies was harmful to the ecosystem. The firm called on the mining community to provide additional feedback for the system, asking for comments on challenges it faced in purchasing miners, maintenance, transparency and software issues.&nbsp;
Related: <a href="https://cointelegraph.com/news/jack-dorsey-raise-decentralize" rel="noopener noreferrer nofollow">Jack Dorsey wants to decentralize Bitcoin mining with new investment</a>
Intel announced in 2023 that it <a href="https://cointelegraph.com/news/intel-will-stop-manufacturing-chips-for-bitcoin-miners-report" rel="noopener noreferrer nofollow">planned to end shipping</a> for its Blockscale 1000 Series ASIC (application-specific integrated circuit) mining chips in April as part of cost-cutting measures. Such chips are often used for mining proof-of-work cryptocurrencies, including Bitcoin.
The Bitcoin halving on April 19 cut the block reward for miners from 6.25 BTC to 3.125 BTC. The event will likely <a href="https://cointelegraph.com/news/bitcoin-halving-liquidity-mining-btc" rel="noopener noreferrer nofollow">shake up the market</a> as miners compete for fewer rewards for the same work until the next halving, expected in another four years.
Magazine: <a href="https://cointelegraph.com/magazine/bitcoin-net-zero-2050-climate-change/" rel="noopener noreferrer nofollow">Bitcoin is on a collision course with ‘Net Zero’ promises</a>

Jack Dorsey’s Block announces development of ‘full Bitcoin mining system’

Cointelegraph

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