Jack Dorsey’s company, Block (NYSE:SQ), formerly Square, is expanding its bitcoin mining efforts, transitioning from chip design to developing a complete bitcoin mining system.
Block announced the completion of its proprietary three-nanometer Bitcoin (BTC-USD) mining chip and is collaborating with a leading semiconductor foundry to finalize the design. Bitcoin mining rigs are specialized computers tailored for cryptocurrency mining.
These rigs are the workhorses of the crypto world, churning away complex calculations to verify transactions and secure the network. They’re not your average PCs; they’re purpose-built machines optimized for maximum efficiency and power.
Block plans to expand its mining project to include system design and aims to support mining decentralization by offering both standalone mining chips and a full mining system of its own design.
What Is the Forecast for SQ Stock?
Analysts remain bullish about SQ stock, with a Strong Buy consensus rating based on 26 Buys and four Holds. Over the past year, SQ has increased by more than 15%, and the average SQ price target of $90.42 implies an upside potential of 20.2% from current levels.
