Block Makes Progress With Custom Bitcoin Mining ASIC Progress

Block Inc (formerly Square), the payments company founded by former Twitter CEO Jack Dorsey, has updated its progress in developing its own Bitcoin mining hardware.

In a recent announcement, the business acknowledged the problem of industry concentration, but that it was still moving ahead with its commitment.

Blocks ASIC release update

In October 2021, Jack Dorsey expressed interest in building a Bitcoin mining system. He envisioned a distributed, efficient, open and accessible mining system. Which in turn would make the Bitcoin network more robust for individuals and businesses.

At the time, the tech mogul had pointed to a centralization problem. A problem in the area of ​​silicon design and the supply of Bitcoin mining ASICs. This stands for Application-Specific Integrated Circuits. In this case, chips and machines are built specifically to optimize proof of work on Bitcoin.

According to an update on April 28, Block stated that it is,

“Uniquely well positioned to help solve this problem by introducing new Bitcoin mining ASIC and hardware solutions.”

The financial services company also noted that it has a strong background in designing ASICs and aims to increase the transparency, resilience and decentralization of the Bitcoin network. In line with this goal, Block plans to open source its bitcoin mining technology wherever possible, the statement noted.

Block’s general manager of hardware, Thomas Templeton, had noted last year that the company is strive for to address the primary consumer pain points following Block’s initial announcement.

The release adds:

“Since the start of the project, we have made significant progress in the development of our ASIC. This has included assembling a team of ASIC designers and developing initial designs that test competitively with the best ASICs on the market.”

Software Engineer Hiring Wave Continues

While Block is reportedly developing its own custom Bitcoin mining ASIC, it also purchased a significant number of Bitcoin mining ASICs from Intel. According to Block, it has accelerated development of the mining system and allowed the design team to focus on three-nanometer ASIC development. In the statement, it is also noted that the purchase will speed up and push development to the markets.

Meanwhile, Block stated that it has advanced to produce a prototype of the finished five-nanometer design. The release also highlights,

“This is an exciting milestone that will allow us to experiment with design variants, validate our design work and calibrate our testing on real silicon.”

While Block significantly advances ASIC development, it also assembles a team of software engineers.

That said, Lindsey Grossman, Business Lead at Block’s Bitcoin Wallet, stated on Twitter that the company is reliefs fiat and crypto on/off ramps for users.

The release in March noted that it would enable people to own and manage their money. The company promotes a self-custodial Bitcoin wallet to connect distributed systems with traditional centralized money.