Haider Jamal

Apr 24, 2024

Jack Dorsey Will Tap Into Africa For New Bitcoin Mining Initiative

Jack Dorsey unveiled that Block (formerly Square) is broadening its Bitcoin (BTC) mining endeavors, as the company will no longer simply design chips as they will also be developing an entire BTC mining system going forward. The new mining system will reportedly tap into solar, hydro, and geothermal energy to run Bitcoin mines across Africa.


Improving Accessibility

The global tech company recently announced the completion of its proprietary three-nanometer Bitcoin mining chip and its ongoing collaboration with a leading global semiconductor foundry for the design of said chip. Additionally, Block revealed intentions to expand the scope of its mining project to encompass system design, aiming to address challenges identified through discussions with various bitcoin miners. Their objective is to foster mining decentralization by offering both standalone mining chips and complete mining systems.

The overall mission statement emphasizes democratizing access to Bitcoin mining, making the process of creating new BTC more accessible to a wider audience. Dorsey initially expressed this sentiment when Block ventured into mining hardware in 2021, highlighting the complexity and lack of incentive for individuals to engage in mining.


Addressing Key Concerns

Concerns within the crypto community regarding hardware vulnerabilities and the concentration of ASIC chip manufacturing in China have also influenced this new initiative. By decentralizing the supply of mining hardware and the distribution of hashrate, Block aims to enhance industry competition and mitigate network stability risks.

To address barriers to entry such as cost and availability of mining rigs, Block aims to improve reliability and user experience by focusing on issues like heat dissipation and noise reduction. The recent announcement coincides with the most recent Bitcoin halving, a significant event that occurs approximately every four years, reducing the issuance of new BTC.

Dorsey views the accessibility of the mining process as essential for a fully decentralized and permissionless future, emphasizing the importance of decentralization for network resilience. Block has also previously supported Gridless, a company operating Bitcoin mines powered by renewable energy sources in Africa.


Top News

Read more latest news

Press Releases

Do Kwon Trial Begins Despite The Founder

2 months ago Mar 26, 2024

The civil fraud trial involving Ter... Read more

Goldman Sachs Clients Look To Get Back

2 months ago Mar 25, 2024

Institutional clients served by the... Read more

New Payment Limit For Crypto Wallets Scrapped

2 months ago Mar 25, 2024

The recent Anti-Money Laundering re... Read more

Bitcoin Undergoes Price Correction As International Economies

2 months ago Mar 24, 2024

A significant portion of the crypto... Read more

Join Our Newsletter

Get the latest trends and updates on our crypto community.