Block, the digital payments company led by Jack Dorsey, recently unveiled a cutting-edge three-nanometer Bitcoin mining chip. The company is collaborating with a leading global semiconductor foundry to complete the chip's design.

Block stated that the chip's design has demonstrated competitive performance, prompting the company to proceed with the chip's full tapeout. This advanced mining chip will leverage the latest semiconductor process available, offering the necessary performance for mining operators to succeed in the upcoming fifth mining epoch and beyond.

In its pursuit of enabling decentralized mining, Block's development of standalone mining chips supports its goal of delivering not only the chips but also a comprehensive mining infrastructure to the market. Following the recent halving that reduced the Bitcoin mining reward, Block reported a significant year-over-year increase in Bitcoin sales, reaching $2.52 billion in value in the fourth quarter of 2023.

Block highlighted that their standalone mining chip offering will make them the leading, financially stable mining hardware vendor with such a solution. The company anticipates that this innovation will spur mining system advancements and facilitate the creation of new mining system formats and applications.

Jack Dorsey co-founded Twitter in 2006, now known as X, and launched Square, a mobile payments company, in 2009. Square rebranded as Block in December 2021 to signal its commitment to cryptocurrencies and decentralized technologies.