Jack Dorsey's payments company, Block (formerly Square), is set to expand its bitcoin mining ambitions from chip design to the development of a complete bitcoin mining system. The global tech firm, in a recent post, announced the completion of its standalone three-nanometer bitcoin mining chip and is now collaborating with a global semiconductor foundry on the design.
In addition, Block revealed plans to extend its mining project to include system design. The company says it aims to democratise access to bitcoin mining and overcome challenges faced by mining operators by offering both a standalone mining chip and a full mining system.
Dorsey believes that bitcoin mining should be as simple as connecting a rig to a power source. Block's goal is to decentralise the supply of bitcoin mining hardware and the distribution of hashrate. The company is addressing the issue of mining rigs being difficult to find, expensive, and having unpredictable delivery.
Dorsey had previously expressed the need for a focus on vertical integration and silicon design. Block's general manager for hardware, Thomas Templeton, has also shared plans to enhance the reliability and user experience of mining. Block's venture arm has supported Gridless, a company that operates bitcoin mines from renewable power sources in Kenya, Malawi and Zambia.