- Core Scientific acquires Block’s 3nm Bitcoin ASICs in massive deal between the two companies.
- This transaction increases Core Scientific’s hash rate by 60%, increasing efficiency and profitability.
- The deal between Block and Core Scientific aims to redefine Bitcoin mining standards by leveraging advanced ASICs.
Jack Dorsey’s financial services firm, Block, has signed a major contract with Core Scientific to sell its much-anticipated 3nm Bitcoin mining ASICs for the first time.
The deal is one of the largest ASIC contracts in Bitcoin mining history, underscoring Block’s commitment to advancing mining technology and Core Scientific’s strategic expansion into this sector.
3nm Bitcoin Mining ASIC on the Block
The 3nm mining ASIC developed by Block’s Proto team represents a breakthrough in efficiency and performance for large-scale Bitcoin mining operations.
Block aims to integrate cutting-edge technologies into these chips to significantly improve the efficiency, stability, and uptime of mining operations performed by companies like Core Scientific.
The 3nm ASCI will deliver chips capable of 15 exahashes per second (EH/s) per core, increasing the active hashrate of mining operations by a whopping 60% by June 2024.
Publicly traded Bitcoin mining giant Core Scientific has emerged as a key player in the industry’s recovery following recent setbacks. The company’s stock (CORZ) has surged, reflecting investor confidence in its ability to leverage advanced mining technology to enhance operational capabilities and profitability.
Core Scientific’s decision to purchase Block’s 3nm Bitcoin mining ASICs follows an overall industry trend toward greater efficiency and sustainability in cryptocurrency mining, driven by technological innovation and environmental considerations.
Block, pioneering a new era in Bitcoin mining
According to Russell Cann, Core Scientific’s chief development officer, the partnership with Block marks a pivotal moment in the expansion of Bitcoin mining operations.
Cann emphasized that the new mining platform, built on Block’s 3nm ASICs, will not only optimize space and operational resources within data centers, but also contribute to the long-term vitality of the Bitcoin network.
This partnership highlights our shared vision to redefine industry standards and accelerate the adoption of advanced mining technologies globally.
The strategic partnership between Block and Core Scientific demonstrates the growing importance of technological innovation in maintaining and expanding Bitcoin mining capacity.
As the cryptocurrency landscape continues to evolve, advances in ASIC technology are expected to play a significant role in increasing the efficiency and profitability of mining operations.
Core Scientific leads the way by becoming the first company to receive Block’s 3nm ASICs, paving the way for further advancements that could shape the future of Bitcoin mining worldwide.