Jack Dorsey’s Block is Hiring to Develop Subsequent Era Bitcoin Mining ASIC

Advertisements

In a current job posting from Jack Dorsey’s Block, they are looking for a team dedicated to introducing the “next generation” of the Bitcoin mining ASIC.

An ASIC (application specific integrated circuit) is a microchip that is custom designed for a specific use and is not intended for general use. In this case, Block sets out to build an ASIC designed exclusively for Bitcoin mining.

In a tweet thread published in October 2021, Jack Dorsey outlined some key questions that suggested what Block’s future development of a “Bitcoin mining system” might look like. In his thread, he set out the following five topics for further investigation:

1. Distribution of miners

An important note: not all distributed networks are created equal. Distributed systems are measured on a spectrum, and networks like Bitcoin have different degrees of distribution. For example, a network can be distributed over 3 peers, or it can be distributed over 100,000 peers. The more peers there are in the system, the less the participants in the network depend on a small group of participants in order to “process transactions securely”, as Dorsey found.

An important note: not all distributed networks are created equal. Distributed systems are measured on a spectrum, and networks like Bitcoin have different degrees of distribution. For example, a network can be distributed over 3 peers, or it can be distributed over 100,000 peers. The more peers there are in the system, the less the participants in the network depend on a small group of participants in order to “process transactions securely”, as Dorsey found.

2. Increased mining efficiency

Dorsey says that “the pursuit of clean and efficient energy use is great for Bitcoin’s economy, impact and scalability”. This is something that has been a central part of Block’s stance since April 2021, when they partnered with Ark Invest to publish a whitepaper entitled “Bitcoin is the key to a bountiful, clean energy future.” In their research, they explain how Bitcoin offers the energy industry a unique opportunity by acting as the energy buyer of last resort. Setting a global price floor for energy allows us to build a more resilient clean energy infrastructure, knowing that excess energy used during off-peak hours will still find a buyer.

3. The state of silicon production

Silicon design is a very expensive, long-term capital investment that presents a high barrier to entry for the industry. A small, highly concentrated group of suppliers means limited production and delivery bottlenecks. In his tweet, Dorsey explains that he believes the combination of the silicon design process would be best if it were closely tied to “software and systems design”.

4. Vertical integration

Dorsey believes that not enough companies are focusing on vertical integration. Vertical integration means that multiple stages of the production process in the supply chain are integrated and fully owned by a single company. This all-encompassing process eliminates the dependence on external production factors that could cause restrictions and uncertainties in the entire production process.

5. Accessibility to mining

While the popularity of building home mining setups has certainly increased over the past year, Bitcoin ASICs still have a long way to go before they can be viewed as simple plug-and-play technology. Dorsey explains that we need more incentives to overcome the “complexities” of Bitcoin mining in order to make it accessible. Hopefully one day mining bitcoin at home will be as easy as plugging in your toaster. In the future, engineers will be able to develop further solutions for upcycling the heat from home mining systems and integrate them directly into existing home supply systems such as HVAC or water heating systems.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Bitcoin: The Ignition Of A Scientific Revolution Bitcoin

Bitcoin: The Ignition Of A Scientific Revolution

It is a rare event for humanity to experience a change in worldview. You...

By wpadminsonic164
Veteran dealer Peter Brandt shares “Sacred Buying and selling Rule” when Bitcoin falls and warns in opposition to shopping for the dip Bitcoin

Veteran dealer Peter Brandt shares “Sacred Buying and selling Rule” when Bitcoin falls and warns in opposition to shopping for the dip

Veteran trader Peter Brandt shared "a sacred trading rule" that he uses in response...

By wpadminsonic164
Ukraine Legalizes Bitcoin Bitcoin

Ukraine Legalizes Bitcoin

Bitcoin is now legal in Ukraine as its parliament approved in final reading a...

By wpadminsonic164
‘Save Your Pores and skin’ From Inflation With BTC, The Nice Financial Shift, and SHIB Burns — Bitcoin.com Information Week in Overview Bitcoin

‘Save Your Pores and skin’ From Inflation With BTC, The Nice Financial Shift, and SHIB Burns — Bitcoin.com Information Week in Overview

Another spicy week of crypto news heads into the weekend, with Mexico's third-richest billionaire...

By wpadminsonic164
Bitcoin-Backed Mortgages And Pristine Collateral Mentioned At Bitcoin 2022 Bitcoin

Bitcoin-Backed Mortgages And Pristine Collateral Mentioned At Bitcoin 2022

Bitcoin 2022 hosted a panel at the Enterprise Stage on the use of bitcoin...

By wpadminsonic164
Doge Day Then and Now: Lackluster Buzz as Dogecoin’s Worth Is 65% Decrease Than Final Yr Bitcoin

Doge Day Then and Now: Lackluster Buzz as Dogecoin’s Worth Is 65% Decrease Than Final Yr

While April 20 or 420 is synonymous with cannabis culture, the day is also...

By wpadminsonic164
European Commission Has ‘Genuine Doubts’ About Markets in Crypto Assets Draft, Report Reveals Bitcoin

European Commission Has ‘Genuine Doubts’ About Markets in Crypto Assets Draft, Report Reveals

The European Commission disagrees with some provisions in the crypto regulatory proposal approved recently...

By wpadminsonic164
Africa now has the most important quantity of Bitcoin peer-to-peer buying and selling on the planet Bitcoin

Africa now has the most important quantity of Bitcoin peer-to-peer buying and selling on the planet

According to data from the analysis platform UsefulTulips, Africa has developed into the continent...

By wpadminsonic164

Latest Posts

These 3 Will Make You Wealthy After the Bear Market: Zompot Token, Cardano, and TRON – Cardano Feed Cardano

These 3 Will Make You Wealthy After the Bear Market: Zompot Token, Cardano, and TRON – Cardano Feed

The cryptocurrency market is in shambles. The top 20 cryptocurrencies have been down by...

By wpadminsonic164
Bitcoin drops as China intensifies crypto mining crackdown Videos

Bitcoin drops as China intensifies crypto mining crackdown

Trader Brian Kelly on what will happen to bitcoin after China's mining crackdown. With...

By wpadminsonic164
January Jones reveals off her curves in polka dot bikini – wow – HELLO! Polkadot

January Jones reveals off her curves in polka dot bikini – wow – HELLO!

August 14, 2022 - 11:11 AM BST Georgia Brown Mad Men actress January Jones...

By wpadminsonic164
Carlsen and Firouzja set for FTX Crypto Cup conflict in Miami – ChessBase Stellar

Carlsen and Firouzja set for FTX Crypto Cup conflict in Miami – ChessBase

Summer of chess Press release by the Play Magnus Group The hottest esports chess...

By wpadminsonic164
Binance Govt Says Retail Buyers Flocking to Bitcoin (BTC) and Crypto Amid Rampant Inflation: Report – The Every day Hodl Binance

Binance Govt Says Retail Buyers Flocking to Bitcoin (BTC) and Crypto Amid Rampant Inflation: Report – The Every day Hodl

A top executive of the world's largest crypto exchange platform by trading volume is...

By wpadminsonic164
Can Metamortals Outpace Dogecoin And ApeCoin When It Hits The Market?  – The Coin Republic Dogecoin

Can Metamortals Outpace Dogecoin And ApeCoin When It Hits The Market? – The Coin Republic

As a new coin in the crypto world, it's never easy to make a...

By wpadminsonic164
What number of cardano cash are there?  ADA circulation evaluation – Capital.com Cardano

What number of cardano cash are there? ADA circulation evaluation – Capital.com

ADA circulation analysis, Source: Shutterstock, Dennis Diatel Cardano (ADA) is a blockchain platform that...

By wpadminsonic164
WHERE BITCOIN COULD BOTTOM (realistically) | Bitcoin Information In the present day, Bitcoin Worth Prediction, BTC Crash Videos

WHERE BITCOIN COULD BOTTOM (realistically) | Bitcoin Information In the present day, Bitcoin Worth Prediction, BTC Crash

WHERE BITCOIN COULD BOTTOM (realistically) | Bitcoin News Today, Bitcoin Price Prediction, BTC Crash...

By wpadminsonic164