Block recently announced an exciting breakthrough, successfully developing a 3nm Bitcoin mining chip, which has caused a huge sensation in the digital currency industry. This initiative not only represents the rapid development of technology, but also means that a new ecosystem will gradually take shape. At the same time, Twitter CEO Jack Dorsey also expressed his views on creating a more decentralized ecosystem, which has caused people to think deeply about the future. Next, let's take a deeper look at the various meanings behind this major event.

In the field of digital currency, mining technology has always been a crucial link. With the successful development of Block's 3nm Bitcoin mining chip, the entire industry was shocked. This breakthrough not only improves the efficiency of Bitcoin mining, but also opens up new possibilities for the development of blockchain technology. In the past, mining required huge energy consumption, but now, as the chip size continues to shrink, energy utilization efficiency has been greatly improved, which will have a positive impact on the environment. This is also the inevitable result of the continuous advancement of technology, laying a solid foundation for the sustainable development of the industry.

When Jack Dorsey mentioned creating a more decentralized ecosystem, people thought about the future development direction of digital currency. The centralization of the traditional financial system has always been a pain point in the industry, and the concept of decentralization is to break this situation. The development of digital currency is essentially a revolution. It is not only a technological innovation, but also a challenge to the traditional financial system. As blockchain technology continues to mature, we are expected to see more innovative applications emerge, thus building a more fair and transparent financial ecosystem.

As technology continues to advance, the digital currency industry is also facing many challenges. Security issues have always been a hot topic in the industry. The decentralized nature of blockchain makes it highly secure, but there are also potential loopholes. Therefore, while promoting technological development, it is particularly important to strengthen security awareness and preventive measures. Only by ensuring the security of the digital currency system can users participate in it more confidently and promote the healthy development of the entire industry.

In addition to technology and security, the popularization of digital currency is also a focus of industry insiders. As more and more people begin to contact and understand digital currency, its application in daily life will continue to expand. From payment to investment, digital currency has penetrated into various fields and has become an indispensable part of people's lives. And with the continuous innovation and improvement of technology, the convenience and security of digital currency will be further improved, laying a solid foundation for its global popularity.

In general, Block's successful development of the 3nm Bitcoin mining chip and Jack Dorsey's vision of a decentralized ecosystem have brought new hope and opportunities to the digital currency industry. With the continuous advancement and innovation of technology, we have reason to believe that digital currency will become an important part of the future financial system and inject new vitality into global economic development. Let us wait and see, and witness the brilliant chapter of this digital currency revolution together!

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CoinCircle (120bTC.coM): Block (formerly Square), the payment giant co-founded by Jack Dorsey, the founder of social platform X (formerly Twitter), is expanding its Bitcoin mining business.

Block announced today (24) that it has completed the development of 3-nanometer Bitcoin mining chips, bringing it closer to the goal of decentralizing the supply and computing power distribution of Bitcoin mining hardware, and further emphasizing its ambition to develop a "Bitcoin mining system."

Block wrote in the announcement: Our mining chips will use the most advanced semiconductor processes currently available and will provide all types of mining operators with the performance they need to survive and thrive in the fifth mining era (the period after the recent fourth halving of Bitcoin block rewards) and beyond. We have spent a lot of time talking to various Bitcoin miners to identify the challenges facing miners. Based on these insights and in line with our goal of supporting the decentralization of mining, we plan to offer independent mining chips as well as complete mining systems of our own design. With independent mining chips, we will be the only large, well-capitalized mining hardware supplier with such solutions. We hope this will help unlock innovation in mining systems and support the development of much-needed new mining system form factors and use cases.

Hope to promote the decentralization of Bitcoin mining

Jack Dorsey has been a strong promoter of Bitcoin, and he is currently realizing his desire to strengthen the decentralization of Bitcoin mining through Block.

When Block first got involved in the mining hardware business in 2021, Dorsey said: "Mining is not for everyone. Bitcoin mining should be as simple as plugging a miner into a power source. Today, individuals do not have enough motivation to overcome the complexity of operating their own mining."

As Block said, developing Bitcoin mining ASICs is a very challenging task both in terms of technology and the investment required. As a result, the supply of Bitcoin mining ASICs is highly concentrated in a few Asian chip manufacturers, such as the mining machine leader Bitmain, which continues to dominate the market, which may harm the resilience of Bitcoin miners and the Bitcoin network.

Block has been committed to developing independent Bitcoin mining ASICs in recent years. Last year, it announced the successful development of a 5-nanometer ASIC prototype chip. Now it has completed the development of 3-nanometer. The payment company hopes to realize Jack Dorsey's Bitcoin vision through independent mining chips and the open source mining system it is developing, that is, to make Bitcoin mining, a field with high capital barriers, lower its entry restrictions so that the public can easily participate, so that Bitcoin can truly become "the currency of the masses."

In terms of market competition, if Block can break the monopoly of Bitmain, it will certainly not be a bad thing for consumers. However, in the current situation where the competition for computing power is so fierce, every large mining company has invested huge amounts of money in equipment and sought cheap electricity... just to have more advantages than competitors; in this context, if retail investors want to join mining, it may not be a simple matter.