\n<\/p>\n
Block Inc (formerly Square), the payments company founded by former Twitter CEO Jack Dorsey, has updated its progress in developing its own Bitcoin mining hardware.<\/strong><\/p>\n
In a recent announcement, the business acknowledged the problem of industry concentration but that it was still moving ahead with its commitment.<\/p>\n
In October 2021, Jack Dorsey expressed interest in building a Bitcoin mining system. He visioned a distributed, efficient, open, and accessible mining system. Which in turn would make the Bitcoin network more resilient for individuals and businesses.<\/p>\n
At the time, the tech mogul had pointed at a centralization problem. A problem within the silicon design space and the supply of Bitcoin mining ASICs. This stands for Application-Specific Integrated Circuits. In this case, chips and machines built specifically to optimize proof of work on Bitcoin.<\/p>\n