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

As the Bitcoin market continues to grow, many players in the industry are looking for ways to increase their involvement and profit from the industry. One such player is Jack Dorsey’s financial technology payment company Block, which has recently purchased a large number of Bitcoin mining chips from Intel, accelerating its plan to enter the mining hardware market. This acquisition will help Block push mining machines to the market as it focuses on developing its cutting-edge 3nm chips.

The Background of Block’s Acquisition

According to reports, Intel announced in February 2022 that it would stop producing chips for Bitcoin mining-specific integrated circuits (ASICs), setting a final production date of April 2024. This announcement has created a sense of urgency among cryptocurrency companies to obtain the latest mining hardware before the market gets saturated. Block plans to complete the design of its 5nm chip for Bitcoin mining this quarter and manufacture machines based on it. However, with the acquisition of Intel’s mining chips, the company can now shift its focus to the more advanced 3nm chips for future products.

What Does the Future Hold for Block?

The purchase of Intel’s mining chips is a strategic move by Block as it seeks to gain a foothold in the Bitcoin mining hardware market. The company’s head of hardware, Thomas Templeton, has stated that the first-party products from Block will be launched early next year. This is a significant development, as it means that Block will soon have its own line of mining hardware that will be available to the general public.
This move by Block is expected to shake up the Bitcoin mining industry significantly. With the popularity of the cryptocurrency on the rise, more players are joining the market every day. Block’s entry into the hardware market will certainly make it a key player, and its advanced technology could give it an edge over existing players in the market.

FAQs

1. What does Block’s acquisition of Intel’s mining chips mean for the Bitcoin mining industry?
* The acquisition means that Block will have access to the latest mining hardware, giving it a competitive edge as it enters the hardware market.
2. When is Block expected to release its first-party mining products?
* According to Thomas Templeton, Block’s head of hardware, the first-party products from the company will be launched early next year.
3. How important is Block’s entry into the mining hardware market?
* Block’s entry into the mining hardware market is expected to shake up the industry significantly, with the company’s advanced technology potentially giving it an edge over existing players.