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Block Inks BTC Mining Deal with Core Scientific
Jack Dorsey's Block is doubling down on mining hardware.
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Block, the financial services company of Twitter founder Jack Dorsey, has announced a landmark agreement to supply Core Scientific with its new 3-nanometer (3nm) mining ASICs.
What's the scoop?
- Per the agreement, Block will supply Core Scientific with bitcoin mining ASICs representing approximately 15 exahashes per second, with the possibility for added volume later.
- The partnership represents one of the largest ASIC agreements ever made in terms of hashrate.
- Developed by Block’s Proto team, the new 3nm mining chips are designed to improve efficiency, reliability, and uptime in large-scale mining operations.
- The partnership also aligns with Block’s broader strategy of supporting the Bitcoin ecosystem, as seen in its ongoing Bitcoin investments and its open-source BTC treasury blueprint.
Bankless take:
By rolling out this advanced mining hardware, Block is playing a significant role in fostering a more resilient Bitcoin network. These chips are more efficient, consuming less power and generating less heat, which translates to lower operating costs and better thermal management for big mining operations. Additionally, 3nm chips pack more transistors into a smaller space, resulting in higher computational power and faster processing speeds.