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Jack Dorsey's Block Scores Massive Bitcoin Mining Chip Haul

Jack Dorsey's fintech-payments company, Block (SQ), recently snagged a massive haul of Bitcoin (BTC) mining chips from Intel (INTC) just as the chipmaker is about to pull the plug on production. With this sweet acquisition, Block's plans to dive into the mining hardware market will skyrocket. They'll focus on developing their rad 3-nanometer chips, while Intel's got its sights set on April 2024 for the end of its Bitcoin mining ASIC production.

Block didn't waste any time and pounced on the chance to snatch up several ASICs from Intel, according to a Friday blog post. The company was all set to wrap up their 5-nanometer chip design for Bitcoin mining this quarter, but now they can go all-in on the 3-nanometer design. The smaller the transistors, the more power packed into the chip – and that's what we're talking about!

Block's first batch of products is set to drop early next year, and their goal is to boost the decentralisation of the Bitcoin network. Thomas Templeton, Block's hardware lead, said the ASIC is at the heart of mining, and they're all about "the diversity of manufacturing and supply chain." With a mining development kit in the works, Block's hoping to give engineers the tools to create products using their chips, unleashing innovation in the Bitcoin mining hardware game. They're even open-sourcing the tech, so the community can jump in and contribute to its development. Talk about shaking things up!

Source: Yahoo, Coindesk

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