Block drives development of Bitcoin mining system

Block drives development of Bitcoin mining system

Payments company Block, formerly known as Square and led by Jack Dorsey, is moving forward with the development of its own Bitcoin mining system. The company has already made significant progress in chip production. The process of Bitcoin mining is used to create new Bitcoins and confirm transactions on the network. Miners solve complex mathematical problems to add new blocks to the blockchain and receive rewards in the form of Bitcoins.

The Bitcoin Halving, a pivotal event in the Bitcoin ecosystem, halves miners' rewards every four years, slowing the supply of new Bitcoins and supporting the currency. A recent development at Block is the completion of an advanced three-nanometer Bitcoin mining chip, close to mass production. This technology is intended to help decentralize the Bitcoin mining process and distribute the hash rate more evenly.

Block has gained valuable insights in intensive dialogues with the Bitcoin mining community in order to develop an independent mining system. The products aim to be both technologically advanced and user-friendly by addressing issues such as maintenance, transparency and software reliability. The upcoming halving in 2028 will further reduce block rewards, thereby impacting mining profitability. The company is committed to challenging industrial dominance in chip production and building a more sustainable Bitcoin mining infrastructure.