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 Jack Dorsey, the company’s CEO,  pushing for a more open and decentralized system since 2021.

Block Inc Completes Bitcoin Mining Chip Development

According to Bloomberg, 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.

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Block’s Bitcoin Mining Chip to Help Elevate Profits

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.

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.”

Block’s Bitcoin Mining Chip to Reduce Chip Industry Woes

The innovation also comes at a time when the chip industry is slightly turbulent at the moment. 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.

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The post Block Inc Successfully Wraps Up Bitcoin Mining Chip Development appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am