Block Completes Prototype ASIC Chip Design for “Open Source” Bitcoin Mining Rig
Block, a financial services and technology company owned by former Twitter CEO Jack Dorsey, has completed the design of its new prototype ASIC chip, claiming it is a key step towards decentralizing the supply of Bitcoin mining rigs. The San Francisco-based company announced that it has developed a five-nanometre (5nm) Bitcoin mining chip, which it plans to make “open source” by selling standalone ASICs and other hardware components to improve innovation and maximize the size of the Bitcoin mining hardware ecosystem.
According to Block, developing Bitcoin mining ASIC rigs is a challenging and costly process. This has resulted in the excessive concentration of custom bitcoin mining silicon in the hands of a select few companies, which the company deems harmful to both miners and the Bitcoin network as a whole. By making its mining technology open source, Block aims to decentralize the mining process and ensure that miners can obtain their equipment at an affordable price.
Block has also purchased a large batch of ASIC chips from Intel to fast-track the development of its proprietary 3nm chip. Upon its release, the company claims that it will be the most advanced chip to date. By reducing the overall size of the chip, the electric current travels less distance in the circuit to perform a calculation, improving efficiency and decreasing heat production.
The Benefits of Smaller ASIC Chips
As parts of the chips become smaller, it allows for more transistors to fit into a silicon die of the same size. By reducing the overall size of the chip, the electric current travels less distance in the circuit to perform a calculation, improving efficiency and decreasing heat production.
Current State of ASIC Chips in Bitcoin Mining
It’s worth noting that 5 nanometre ASIC chips have been around for some time, with the earliest 5nm ASIC being released in 2021 from Chinese mining firm Canaan. Currently, most Bitcoin mining ASICs run on 5nm chips; however, no company has made their ASIC chip designs open source. ASIC stands for “application-specific integrated circuit” and refers to a computerized device that is optimized to complete a single computational function and is typically used for mining proof-of-work cryptocurrencies such as Bitcoin.
Conclusion
The completion of Block’s new ASIC chip is an important step towards decentralizing the Bitcoin mining process. By making its mining technology open source, Block aims to ensure that miners can obtain their equipment at an affordable price, which is crucial for the development and growth of the Bitcoin mining ecosystem. With the increasing popularity of Bitcoin and other cryptocurrencies, it’s essential to develop more efficient and affordable mining equipment to maintain the decentralization and security of the network.
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