Jack Dorsey’s Block Snaps Up Bitcoin Mining Chip as Intel Winds Down Production
Block (SQ), Jack Dorsey’s fintech payments startup, has purchased a huge quantity of bitcoin (BTC) mining chips from Intel (INTC), accelerating its aspirations to enter the mining hardware market just as the chipmaker is winding down production.
The acquisition will assist it in bringing mining machines to market as it focuses on building cutting-edge 3-nanometer processors. Intel said in February that it would halt production of its bitcoin mining application-specific integrated circuits (ASIC) in April 2024.
Block recently took advantage of a chance to purchase a big quantity of these ASICs from Intel, according to a blog post published on 28th April. The firm was planning on finalizing its design of a 5-nanometer chip for bitcoin mining this quarter and build machines based on that. The purchase means that the team can focus exclusively on the 3-nanometer design, the post said.
(With inputs from Shikha Singh)
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