A recent job posting at Block shows the willingness of its CEO, Jack Dorsey, to hire a team dedicated to the launch of the ” next generation » from ASIC mining of bitcoins. An ASIC (application-specific integrated circuit) is a microchip that is custom-designed for a particular purpose, rather than general purpose. In this case, Block plans to create an ASIC specifically designed for the miningof bitcoins. On his Tweeter, Jack Dorsey presented the following five topics for deeper understanding:
1. Distribution of minors
Important note: Not all distributed networks are the same. Distributed systems are measured on a spectrum and networks, like bitcoin, have varying degrees of distribution. For example, a network can be distributed among 3 peers, or it can be distributed among 100,000 peers. The more peers there are in the system, the less network participants depend on a small group of participants to securely settle transactions as Dorsey said.
2. Increase in the efficiency of the mining
Dorsey states that ” moving towards clean and efficient energy use is great for bitcoin’s economy, impact and scalability “. It’s something that’s been an integral part of Block’s stance since April 2021, when they co-published a white paper with Ark Invest entitled Bitcoin is the key to an abundant and clean energy future. In their research, they explain how bitcoin offers a unique opportunity for the energy industry by acting as an energy buyer of last resort. Establishing a global floor price for energy allows us to build a more robust clean energy infrastructure with the assurance that any excess energy tapped during off-peak hours will always have a buyer.
3. The state of silicon production
Silicon design is a very expensive long-term capital investment that creates a high barrier to entry for the industry. Having a small, highly concentrated set of suppliers means limited production and supply constraints. In his tweet, Dorsey announces that he thinks it would be best to combine the silicon design process if closely associated with ” software and systems design “.
4. Vertical integration
Dorsey believes that too few companies focus on vertical integration. Vertical integration is where multiple stages of the supply chain production process are integrated and wholly owned by a single company. This overall process removes dependence on any external factor of production that could create constraints and uncertainty in the overall production process.
5. Accessibility of mining
While the popularity of facility construction mining at home has certainly increased over the past year, ASICs for the mining bitcoins still have a long way to go before they can be considered as mere technology plug and play . Dorsey says we need more incentives to “overcome complexity” fromminingof bitcoins in order to make it accessible. Hopefully one day theminingat home will be as easy as plugging in your toaster. In the future, engineers may create more solutions to recycle heat from cooling systems.miningand integrate directly with existing home utilities such as HVAC or water heating systems.
In October 2021, Jack Dorsey answered some basic questions hinting at what future development might look like by block of a “system ofminingbitcoins“. Far from simply allowing a simpler and faster enrichment of investors, this innovation would allow a real technological advance for the whole population. The revolutionary ASIC is still under development, but its future is bright.
Source: Bitcoin Magazine
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Thomas Poirier
I am sure that blockchain and cryptocurrencies are the future, and I want to spread this idea to everyone because the more people who believe in cryptocurrencies, the sooner the future will come.
