Bitcoin infrastructure enthusiasts should prepare for a notable development to hit the market in the coming years. Blockstream is anticipating the release of their long-awaited Application-Specific Integrated Circuit (ASIC) miner around the third quarter of 2024. This groundbreaking technology is the fruit of many years of engineering, led by Blockstream’s CEO and co-founder, Adam Back.
The company previously acquired Israeli mining hardware manufacturer Spondoolies in 2021, integrating the manufacturer’s core team into Blockstream’s mining division, headed by Chris Cook and former Spondoolies CEO Assaf Gilboa as executive vice president. With this acquisition, Blockstream is providing their followers with an inside look at the potential implications of this merger and the future of ASIC miners.
At the beginning of 2023, Blockstream raised a whopping $125 million to expand their mining operations, and they have plans to raise even more capital to fund their flourishing mining business. The ASIC miner was initially planned to launch in 2022; however, according to Back, the timeline has been shifted, with an estimated availability now set for the latter half of 2024.
Back discussed the manufacturing process during Blockstream’s first-ever media briefing, stating, “There’s two rough approaches to manufacturing. One is to do a shuffle run first, which is kind of a test run.” This means the much-anticipated miner is expected to be released around Q3 of 2024.
While the ASIC miner’s release might be slightly delayed, there are surely some benefits to this strategic move by Blockstream. For example, more time allows for thorough testing, which could lead to a better, more advanced product, ultimately giving dedicated followers the reliable, cutting-edge technology they’re hoping for.
On the other hand, the postponement also presents potential issues to consider. Many followers might be disappointed with this update, which could shake their confidence in the company and its ability to deliver on its promises. This could, in turn, impact the community’s perception of the overall blockchain and cryptocurrency market.
In addition to discussing the miner, Back and his executive team highlighted other projects they are working on, like Liquid – a federated sidechain or secondary blockchain that interacts with the primary Bitcoin blockchain – and Jade, Blockstream’s flagship hardware Bitcoin wallet. As the industry continues to adapt and evolve, it is crucial for those interested in the crypto landscape to stay informed about these projects and developments.
In conclusion, while the anticipation for Blockstream’s ASIC miner grows, it is crucial to weigh the pros and cons that emerge as a result of the delay and remain informed about the company’s progress towards fulfilling its promise. Ultimately, it seems that with patience, the community can look forward to exciting advancements in blockchain technology and the cryptocurrency market.
Source: Coindesk
