Block, Jack Dorsey’s digital payments company, has recently announced that it has successfully developed a state-of-the-art three-nanometer Bitcoin mining chip. To ensure the chip’s optimal design, the company has partnered with a leading global semiconductor foundry.
The ultimate goal of Block’s latest achievement is to facilitate decentralized mining. To achieve this, the company plans to provide standalone mining chips as well as a comprehensive mining infrastructure.
On April 19, the mining reward for Bitcoin experienced a significant reduction from 6.25 BTC to 3.125 BTC due to the fourth halving event. Despite this, Block’s financial report for the fourth quarter of 2023 revealed a remarkable 37% year-over-year increase in bitcoin sales to clients, amounting to a value of $2.52 billion.
It is worth mentioning that prior to his involvement with Block, Jack Dorsey co-founded Twitter in 2006, which has now been rebranded as X. In 2009, he also co-founded Square, a renowned mobile payments company. In December 2021, Square changed its name to Block to showcase its commitment to cryptocurrency and decentralized technologies.
In other crypto news today, Worldcoin, led by Sam Altman, has announced plans to increase the supply of its digital currency, WLD, by 19%.
