Block, Jack Dorsey’s company, develops a prototype open-source mining ASIC chip

Block, Jack Dorsey’s company, has completed a prototype of an open-source mining ASIC chip for Bitcoin.

We have an update on our mining initiative. This one is about ASICshttps://t.co/bJOM9YNxfl

— Thomas Templeton (@TempletonThomas) April 28, 2023

According to the statement, the project aims to reduce the centralisation of mining and related equipment, in order to “optimise innovation and expand the cryptocurrency mining ecosystem.”

«Most of the ASIC chips currently on the market are manufactured using 5-nanometre technology. It is on this aspect that we have focused our initial efforts», — said representatives of the company.

As part of the project, Block purchased a batch of ASIC chips from Intel. In April the tech giant announced the discontinuation of sales of the Blockscale mining line.

Actions taken over the past few months will allow the company to “experiment with new designs” and help bring to market more “efficient and affordable mining equipment.”

Back in 2021, the former Twitter head proposed a universal and eco-friendly open-source system for cryptocurrency mining.

In March 2023, Block announced a “Bitcoin mining developer toolkit,” which includes several tools for configuration.

Earlier in the month, Block announced the launch of a unit to develop the Lightning Network ecosystem. The project was given the succinct name — c=.