Bitcoin miners’ halving date has been on their calendars for a long time. Although there have been great technological advances in crypto mining machines, the reward halving has left many miners in a difficult situation. But this week a project emerged that promises to completely change the landscape.

A completely new Bitcoin mining system. In an unexpected announcement, Twitter founder and Block’s current CEO, Jack Dorsey, revealed that his company has already finished production of 3-nanometer chips for Bitcoin mining and that his job now will be to create “a new Bitcoin mining design.” together with the “leading semiconductor factory”.

It can be used by everyone. In the early days of Bitcoin mining, this was easier because the energy and power required to mine a block and make it profitable was much lower. But as the years pass and successive halvings occur, the requirements to become a crypto miner are increasingly increasing.

This means that a lot of equipment becomes obsolete and is shipped to emerging markets where access to energy is easier and the problem lies precisely in the machines.

“Mining is not accessible to everyone” Dorsey explained When he founded Block in 2021. Based on this idea, studies will be carried out for a new mining system. A system that promises to be decentralized, cheaper and based on its own processor. Some mining processors that Dorsey also uses point It is owned by very few producers.

Block against Bitmain. According to the latest data from CoinShares, 60% of the mining machines currently in use belong to the Chinese company Bitmain. This is exactly the company Block will try to surpass. In May 2023, they introduced 5-nanometer processors, the same size as those used in Bitmain’s S21 machines. Now that Block has completed its 3-nanometer processors, it believes it is ready to surpass them.

There are currently only two manufacturers capable of producing 3-nanometer chips on a large scale: Samsung and TSMC. Block will work with one of these two companies for the production of Bitcoin mining processors.

A project worth over 100 million dollars. There are no official figures regarding Block’s investment in this project. We should emphasize that Block (formerly Square) is a publicly traded company, with revenues of $7.5 billion and EBITDA of $1.79 billion in 2023, but operating profit of only $10 million. According to the last financial report, Block invested $9.3 million in Bitcoin costs.

For Charles Guillemet, CTO of Ledger, the intention to create his own mining system is not a simple project. According to your predictionsWe are faced with an investment of hundreds of millions of dollars. Figures that show that the intention of Twitter’s founder and Block CEO is to compete decisively in the Bitcoin mining industry.

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