Block, a financial services and technology company belonging to Jack Dorsey, former CEO, Twitter, has revealed the prototype’s completion around its new five-nanometre Bitcoin mining chip, as stated by Cointelegraph.
According to Cointelegraph, Block mentioned the issues around Bitcoin mining ASIC rigs’ creation, based on financial and technical constraints. It’s believed that Block considers this centralisation problematic for both miners and Bitcoin investors.
Based on Cointelegraph’s information, Block stated that it intends to develop Bitcoin mining technology into “open source” through selling ASICs and other hardware parts to “optimise innovation and maximise the size of the Bitcoin mining hardware ecosystem.” In order to fast-track the development, Block reportedly purchased ASIC chips from Intel.
Moreover, Cointelegraph noted that five nanometre ASIC chips have been present for a certain time period, with the earliest five nanometre ASIC being launched in 2021 by Canaan, a Chinese mining company. Sources suggest that not even one company has made their ASIC chip designs open source.
(With insights from Cointelegraph)