Jack Dorsey's payment company Block may launch its self-developed Bitcoin mining machine in early 2024

ChainCatcher news, CoinDesk reports that Block, the fintech payment company founded by Twitter co-founder Jack Dorsey, has recently purchased a large number of Bitcoin mining chips from Intel, accelerating its plans to enter the mining hardware market.

Previously, Intel announced in February 2022 that it would cease production of application-specific integrated circuit (ASIC) chips for Bitcoin mining, with the final production date set for April 2024. Block plans to complete the design of its 5nm chips for Bitcoin mining this quarter and manufacture machines based on this. This procurement means the team can focus on the 3nm design.

Block's hardware lead Thomas Templeton stated that Block's first-party products will be launched early next year. When asked about the number of chips they purchased, he said it was enough to cover the time needed to design and produce their own 3nm chips. (source link)