It turned out that Block, a fintech startup owned by Twitter founder and former owner Jack Dorsey, is seizing an important opportunity in the crypto industry. Block bought a large number of processors designed for mining from chip maker Intel.
Intel, one of the world's largest hardware equipment manufacturers, made a decision last week that would upset crypto miners. The company's decision to end the production of integrated chips designed specifically for crypto miners in 2024 had a great impact in the industry.
Block, who wanted to engage in crypto mining, took this opportunity and agreed with Intel. According to a blog post, the fintech company was aiming to produce Bitcoin mining equipment with chips with 5 nanometer manufacturing technology in the medium term.
Block will take his productivity a step further by taking advantage of the 3 nanometer equipment opportunity that Intel has stopped production. Chips produced with low transistor size function less energy and more utility.
Speaking to the crypto press, Block manager Thomas Templeton stated that they aim to start selling mining equipment in the 1st quarter of 2024.