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Jack Dorsey's Block Snaps Up Bitcoin Mining Chip as Intel Winds Down Production

Square's fintech-payments company, Block, has purchased a large quantity of bitcoin mining chips from Intel as the chipmaker winds down production of its bitcoin mining application-specific integrated circuits (ASICs). The purchase will allow Block to bring its mining machines to market more quickly as it focuses on developing its cutting-edge 3 nanometer chips. Block plans to release its first-party mining products early next year, with the goal of improving decentralization in the Bitcoin network. The company has also announced it is working on a mining development kit to provide developers with tools to unlock innovation in bitcoin mining hardware.

(By Eliza Gkritsi)

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