Block (SQ), the financial technology and cryptocurrency firm led by Jack Dorsey, is developing its own Bitcoin (BTC) mining system.
In a social media post, Dorsey said that the company has developed a three-nanometer Bitcoin mining chip and is in the process of working through the design with a semiconductor foundry.
Block also unveiled plans to broaden out the scope of its Bitcoin mining project to include system design.
The company said the end goal is for Block to operate its own internal Bitcoin mining system, which is the process of creating new Bitcoins by solving complex computational problems.
“Bitcoin mining should be as easy as plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves,” wrote Dorsey on social media.
New of Block’s push into crypto mining comes days after the most recent Bitcoin halving event that cut the issuance of new Bitcoins by 50%.
Previously known as “Square,” Block continues to generate most of its revenue and profits from the popular Cash App that is used as a payment mechanism by merchants.
However, the company rebranded itself as Block to reflect its growing shift into cryptocurrencies and their underlying blockchain.
Block is a major holder of Bitcoin, having purchased more than 8,000 of the largest cryptocurrency in recent years.
The stock of Block has risen 17% over the past 12 months and currently trades at $75.21 U.S. per share.
