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Core Scientific Will Receive 3nm Mining ASICs from Jack Dorsey’s Block

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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.

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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.

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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.

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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.

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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.CRYPTOCASTER® - DECENTRALIZED FREEDOM!


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