According to the Block team, the new five-nanometer (5nm) chip will be the key to the decentralization of bitcoin mining. It will reduce the influence on the industry from manufacturers that monopolize the supply of specialized mining equipment.
“Developing ASIC rigs for bitcoin mining is a fundamental process. It is complex both financially and technically. The result has been an over-concentration of the supply of specialized bitcoin mining equipment in the hands of a select few companies. In Block’s view, this centralization of supply is detrimental to the interests of miners and the Bitcoin network,” Block said.
Once the nanochip prototype testing is complete, Block intends to allow third parties to use its hardware and software solutions to manufacture the ASIC and its hardware components. In addition, Block intends to make reference information publicly available, as well as provide the necessary technological support for independent equipment manufacturers.
Last December, Block, led by Jack Dorsey, partnered with venture capitalist Stillmark in a funding round for African data center operator Gridless. This project is characterized by the complete absence of a carbon footprint due to the use of renewable energy sources.
Source: Bits
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