Core Scientific the first buyer of Block's 3nm Bitcoin mining ASICs – CoinJournal | CPT PPP Coverage

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• Core Scientific buys Block’s 3nm Bitcoin ASICs in a major deal between the two companies.
• The deal boosts Core Scientific’s hash rate by 60%, enhancing efficiency and profitability.
• The deal between Block and Core Scientific aims to redefine Bitcoin mining standards, leveraging advanced ASICs.

Jack Dorsey’s financial services company Block has finalized a major deal with Core Scientific, marking the first sale of its highly anticipated 3 nanometer Bitcoin mining ASICs.

This deal marks one of the largest ASIC agreements ever signed in the history of Bitcoin mining, underscoring Block’s commitment to advancing mining technology and Core Scientific’s strategic expansion in the sector.

Block’s 3nm Bitcoin mining ASICs

Developed by Block’s Proto team, the 3nm mining ASICs represent a leap forward in efficiency and performance for large-scale Bitcoin mining operations.

By integrating cutting-edge technology into these chips, Block aims to significantly enhance the efficiency, reliability, and uptime of mining activities conducted by firms like Core Scientific.

The 3nm ASCIs provides Core with 15 exahashes per second (EH/s) worth of chips and are set to increase the mining firm’s energized hash rate by a remarkable 60% as of June 2024.

Core Scientific, a publicly traded Bitcoin mining giant, has emerged as a key player in the industry’s recovery following recent challenges. The company’s stock (CORZ) has surged, reflecting investor confidence in its ability to leverage advanced mining technologies to bolster operational capabilities and profitability.

Core Scientific’s decision to purchase Block’s 3nm Bitcoin mining ASICs comes amidst a broader industry trend towards 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, Chief Development Officer at Core Scientific, the collaboration with Block marks a pivotal moment in scaling Bitcoin mining operations.

Cann emphasizes that the new mining platform built around Block’s 3nm ASICs will not only optimize space and operational resources within their data centers but also contribute to the long-term vitality of the Bitcoin network.

The partnership underscores a shared vision to redefine industry standards and accelerate the adoption of advanced mining technologies globally.

The strategic alliance between Block and Core Scientific highlights the growing importance of technological innovation in sustaining and expanding Bitcoin mining capabilities.

As the cryptocurrency landscape continues to evolve, advancements in ASIC technology are expected to play a crucial role in enhancing the efficiency and profitability of mining operations.

With Core Scientific leading the charge as the first recipient of Block’s 3nm ASICs, the stage is set for further advancements that could shape the future of Bitcoin mining worldwide.