Jack Dorsey’s Block Company has completed development of a prototype ASIC chip that should accelerate the market entry of an open-source bitcoin mining rig.
The Block team claims the new five-nanometer (5nm) chip will be the key to decentralizing bitcoin mining.
It will reduce the impact on the industry from manufacturers who monopolize the supply of specialized equipment for mining.
“The development of ASIC installations for bitcoin mining is a fundamental process. It is complex both financially and technically.
The result has been an over-concentration of the supply of specialized bitcoin mining equipment in the hands of a select few companies.
In Block’s opinion, such centralization of supply is detrimental to the interests of miners and the Bitcoin network,” Block said.
After completing a prototype nanochip test, Block intends to allow third parties to use its hardware and software solutions to produce the ASIC and its hardware components.
In addition, Block intends to make reference information available to the public and provide the necessary technological support for independent equipment manufacturers.
Last December, Block, led by Jack Dorsey, partnered with venture capitalist Stillmark in a funding round for African data center operator Gridless.
This project is characterized by the complete absence of a carbon footprint through the use of renewable energy sources.