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Jack Dorsey’s Block and Core Scientific Revolutionize Bitcoin Mining Chips!

source-logo  coincu.com 10 July 2024 17:08, UTC

Key Points:

  • Block’s new 3nm ASIC promises a hash rate of 15 EH/s, marking a significant advancement in mining technology.
  • The collaboration aims to enhance decentralization and transparency in Bitcoin mining while offering scalability options for Core Scientific.
Jack Dorsey’s Block, Inc. (SQ) announced a major deal with Core Scientific (CORZ) to improve Bitcoin mining chip technology. It would concentrate on the new 3nm mining ASIC developed by Block’s Proto team, with a hash rate of approximately 15 EH/s.

This collaboration represents one of the industry’s highest hash rate contracts for Bitcoin mining chip ASICs. As per the news release, the agreement adds provisions for extra quantities that would bring scalability and operational flexibility to Core Scientific.

According to the news release, “The primary purpose of the Proto mining program is to increase decentralization, transparency, and resilience of the Bitcoin network.” Block underscores close cooperation with the mining community for the open development of mining chips, systems, and software solutions—including the Mining Development Kit, which is currently being tested.

The Impact on Bitcoin Network Resilience and Decentralization

Russell Cann, Chief Development Officer at Core Scientific, described the strategic relationship as follows: “We have been working closely with the Block team to develop next-generation mining technology that will support our hash rate growth plans and provide new options for mining companies.”

Block announced earlier this year that it had completed a 3nm Bitcoin mining chip in conjunction with one of the leading semiconductor foundries. This underlines Block’s focus on the capacity for invention and sustainability within the Bitcoin mining sector.

The partnership aims to redesign concepts of scaled Bitcoin mining chip operations while yielding high operational efficiencies that prove vital for sustaining a durable and vibrant Bitcoin network. Industry observers are sitting back to await further developments that explain how these changes will take shape and give cryptocurrency mining a new face in the future.

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