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Jack Dorsey buys large quantities of Intel chips for Bitcoin mining

Jack Dorsey plans to enter the mining hardware market with his fintech Block and has bought Intel microchips for it.

By Mike Hesp
• 1 min read
Jack Dorsey buys large quantities of Intel chips for Bitcoin mining

Jack Dorsey, through his fintech Block, is entering the market for mining devices and has bought Intel microchips for this.

Fintech Block has purchased "large quantities" of microchips for Bitcoin mining from Intel. The company announced this in a blog post on April 28. The purchase is an effort to enter the mining hardware market more quickly.

Block also designs its own chips. Until development is complete, the company will use Intel products. When asked how many chips it bought, Thomas Templeton, head of Block's hardware division, told Coindesk that they have enough to bridge the gap until Block can develop and manufacture its own 3-nanometer chips.

By developing its own devices, the fintech hopes to curb the centralization of Bitcoin mining ASIC supply. The market is currently dominated by the two big players, Bitmain and MicroBT. Intel is meanwhile pulling back from the crypto industry and halting production of Bitcoin mining devices.

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