Block, formerly known as Square, is expanding its bitcoin mining ambitions from designing chips to developing a full bitcoin mining system. The company has completed the development of its standalone three-nanometer bitcoin mining chip and is now working with a leading global semiconductor foundry on the design. Block aims to decentralize the supply of bitcoin mining hardware and the distribution of hashrate, a measure of industry competition and mining difficulty. The company plans to offer both a standalone mining chip and a full mining system of its own design. Block’s mining chips are expected to provide the performance needed for miners to survive and thrive after the recent halving of bitcoin mining rewards.
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