- Core’s mining capacity, which is at 24.6 EH/s, is anticipated to increase by roughly 15 EH/s.
- 3nm mining ASICs from Block will be supplied to Bitcoin miner Core Scientific.
Block, a financial technology behemoth, has just completed the first order for its innovative mining chips. New 3 nanometer (3nm) mining application-specific integrated circuits (ASICs) from Block will be supplied to Bitcoin miner Core Scientific, as stated in a statement made on July 10.
Financial details of the sale have not been announced, but Core’s mining capacity, which is at 24.6 EH/s, is anticipated to increase by roughly 15 EH/s as a result of the purchase. For the last few months, Core Scientific and Block have collaborated on the new chips. The mining business has been offering inputs for a modular platform that is meant to scale for mining operators.
Collaborative Effort
The Proto team at Block, developers of Block’s mining tools and wallet, spearheaded the arrangement. Thomas Templeton, head of Block’s Proto team, said that this cooperation exemplifies how they want their mining solutions to enhance the decentralization and progress of the mining sector.
Block, founded by Jack Dorsey, is a major participant in the financial technology sector. Square and Cash App are payment gateways developed by the same business. However, because of a worldwide chip scarcity in 2021, the company shifted its focus to address issues around Bitcoin mining.
Moreover, starting in October of 2021, the business began creating its own semiconductor chips. It wants to sell standalone ASICs and other hardware components while making mining technology “open source.” By early 2023, it had finished designing a prototype for a 5nm Bitcoin mining chip.
Bitcoin mining is a computationally intensive process that validates transactions, solves complicated cryptographic challenges, and helps keep the network safe. Mining gear may benefit from smaller, more efficient 3nm chips, which can increase processing power while decreasing power usage.
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