Jack Dorsey’s Block To Develop New Bitcoin Mining Microchip – Square (SQ)

Block, you (NASDAQ:SQ), formerly Square Inc, is looking to build its own company Bitcoin ASIC (Application Specific Integrated Circuit) mining.

What happened: According to a recent job posting on LinkedIn, Block is looking to hire a dedicated digital design leader to join the team that will help build the “next generation” of microchips used for bitcoin mining.

In the October 2021 thread of tweets, Block CEO Jack Dorsey touched Some of the key features that will be included in the open source bitcoin mining platform based on custom silicon.

“Mining needs more distribution. The primary task of a miner is to securely settle transactions without the need for trusted third parties. This is critical after the last bitcoin has been mined. The more decentralized this is,” Dorsey stated at the time. The more resilient the Bitcoin network becomes.

why does it matter: The demand for bitcoin mining coupled with strained supply chains and a shortage of chips around the world has driven the prices of ASICs (Application-Specific Integrated Circuits) skyrocketing.

mining compass Zach Foyle It is estimated that ASIC prices jumped more than 25% at the beginning of the third quarter of 2021. “It is clear that no matter which direction the price of Bitcoin heads, ASIC prices will follow,” Foyle wrote.

Dorsey’s goal with Block’s Bitcoin Mining System is to make mining more accessible to everyone. According to Block CEO, “Bitcoin mining should be as easy as connecting a drilling rig to a power source.”

price movement: As of Tuesday morning, Bitcoin is trading at $41,822.52, up 2.18% in the past 24 hours.

Related Link: Why Jack Dorsey Says Bitcoin Will Displace the Dollar, Ethereum Is Not Good