Block has successfully arranged its first sale of recently created mining chips, which were co-designed with the assistance of Core Scientific and ePIC Blockchain Technologies.
Stay in the know on crypto by frequently visiting Crypto News Today
Block, a financial technology conglomerate, has successfully completed the initial sale of its latest mining chips. As per the announcement made on July 10, Block will be delivering its cutting-edge 3 nanometer (3nm) mining application-specific integrated circuits (ASIC) to Bitcoin mining giant Core Scientific.
CryptoCaster Quick Check:
While the specific financial details of the transaction have not been disclosed by either party, the acquisition is anticipated to boost Core Scientific’s mining capacity by an impressive 15 exahashes per second (EH/s). This significant addition will substantially enhance Core’s existing mining capabilities, which currently stand at 24.6 EH/s.
Over the past several months, Core Scientific and Block have collaborated closely on the development of these innovative chips. Core Scientific has actively contributed valuable insights to create a modular platform that is specifically engineered to facilitate seamless scalability for mining operators. This partnership underscores a shared commitment to advancing the efficiency and effectiveness of cryptocurrency mining operations.
Block’s Proto team spearheaded the collaboration, responsible for the development of the company’s mining tools and wallet. Thomas Templeton, the head of the Proto team at Block, expressed that the agreement exemplifies their vision of advancing and decentralizing the mining industry through their mining products.
Block’s shift to mining
Jack Dorsey’s Block stands as a major player in the fintech industry, known for its involvement in popular payment gateways like Square and Cash App. However, as of 2021, the company has shifted its focus to address issues related to Bitcoin mining in light of a worldwide chip shortage.
The company initiated the development of its semiconductor chips in October 2021, and by early 2023, it had successfully finalized a prototype design for a 5nm Bitcoin mining chip. The company also announced its intention to democratize mining technology by offering standalone ASICs and other hardware components as open-source products.
Bitcoin mining is a resource-intensive process that relies on solving intricate cryptographic puzzles, validating transactions, and ensuring network security. The utilization of smaller and more efficient 3nm chips can significantly improve the performance of mining hardware while simultaneously reducing energy consumption.
Block has highlighted the challenges associated with ASIC rigs, citing them as expensive and intricate to manage. The company has expressed concerns over the dominance of a few corporations in the specialized Bitcoin mining silicon sector, which has led to a centralization of BTC mining technology.
If this article brought you clarity, insight, or value—support the work that made it possible.
At CryptoCaster, we report on Web3, crypto markets, and institutional finance with no billionaire owners, no shareholders, and no hidden agenda. While mainstream media bends toward Elon Musk, BlackRock, and JPMorgan narratives, we stay focused on what matters: truth, transparency, and the public interest.
We don’t just cover the headlines—we investigate the power structures behind them. From FTX and Ripple to the quiet push for CBDCs, we bring fearless reporting that isn’t filtered by corporate interests.
CryptoCaster is 100% paywall-free. Always has been. To keep it that way, we depend on readers like you.
If you believe independent crypto journalism matters, please contribute—starting at just $1 in Bitcoin or Ether. Wallet addresses are below.
Your support keeps us free, bold, and accountable to no one but you.
Thank you,
Kristin Steinbeck
Editor, CryptoCaster
Please Read Essential Disclaimer Information Here.
© 2024 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
Thank you!
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
CRYPTOCASTER HEATMAP
