Twitter Founder’s Payment Company Block Purchases Bitcoin Mining Chips from Intel

According to reports, Twitter founder Jack Dorsey’s financial technology payment company Block recently purchased a large number of Bitcoin mining chips from Intel, accelerating its plan to enter the mining hardware market. This acquisition will help it push mining machines to the market as it focuses on developing its cutting-edge 3nm chips. Due to Intel’s announcement in February 2022 to stop producing chips for Bitcoin mining specific integrated circuits (ASICs), it has set a final production date of April 2024. Block plans to complete the design of its 5nm chip for Bitcoin mining this quarter and manufacture machines based on it. This acquisition means that the team can focus on 3nm design. Thomas Templeton, the head of Block hardware, stated that the first party products of Block will be launched early next year. When asked about the number of chips they purchased, he said it was enough to make up for the time they spent designing and producing their own 3nm chips.

Block may launch its self-developed Bitcoin mining machine in early 2024

With the increasing demand for cryptocurrency and its underlying technology, many companies are gearing towards Bitcoin mining. Recently, reports have shown that the financial technology payment company Block, owned by Jack Dorsey, has purchased a significant number of Bitcoin mining chips from Intel. This move has resulted in the acceleration of the company’s plan to enter the mining hardware market.

Introduction

Block, founded by Jack Dorsey, has been making strides in the financial technology industry with its cutting-edge payment technology. Their latest purchase of Bitcoin mining chips from Intel signals their interest in expanding their business into the cryptocurrency market. The acquisition is also a significant step towards developing their advanced 3nm chips for mining.

Intel’s Decision to Stop Producing ASICs

Intel’s announcement in February 2022 to stop producing chips for Bitcoin mining specific integrated circuits (ASICs) has pushed many mining companies into a frenzy. Intel has set a final production date of April 2024, giving companies ample time to transition and develop their own chips. This decision has also led to market consolidation, with large companies like Block acquiring mining chips to fast-track their operations.

Block’s Plans for Mining Hardware Market

As a payment technology company, Block’s entry into the mining hardware market may seem out of place. However, their vision of building a decentralized financial system aligns with the principles of cryptocurrency and blockchain technology. The purchase of Bitcoin mining chips from Intel is a part of their plan to develop their own 5nm chips for mining. They plan to complete the design of their 5nm chips this quarter and manufacture machines based on it. This acquisition allows them to focus on 3nm design, the cutting-edge technology for mining hardware.

The Future of Block’s Mining Machines

Thomas Templeton, the head of Block hardware, has stated that the first-party products of Block will be launched early next year. While the number of chips purchased remains undisclosed, Templeton has confirmed that it is enough to make up for the time they spent designing and producing their own 3nm chips. This means that their machines will be powered by the latest technology and be highly sought after in the market. Block’s entry into the mining hardware market may also bring about a new wave of innovation in the space.

Conclusion

The acquisition of Bitcoin mining chips from Intel by Jack Dorsey’s payment company, Block, signifies their entry into the cryptocurrency industry and their vision of a decentralized financial system. The purchase accelerates their plan to enter the mining hardware market and develop their cutting-edge 3nm chips. With their first-party products launching early next year, the market eagerly anticipates the impact of Block’s entry into the space.

FAQs

1. What is Block?
– Block is a financial technology payment company founded by Jack Dorsey, the co-founder of Twitter.
2. Why did Block purchase Bitcoin mining chips from Intel?
– The acquisition of mining chips is a part of Block’s plan to enter the mining hardware market and develop their 3nm chips.
3. When will Block’s first-party products be launched?
– Thomas Templeton, the head of Block hardware, stated that their first-party products will be launched early next year.
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