Block and Core Scientific Team Up to Provide New 3-Nanometer (3nm) Bitcoin Mining Chips

With these new chips, Core Scientific should be able to mine at a rate of 15 (EH/s) more than their present rate of 24.6 EH/s.

Block, founded by Jack Dorsey, and Core Scientific, a pioneer in Bitcoin mining, have joined forces to provide new 3-nanometer (3nm) mining chips.

With these new chips, Core Scientific will be able to mine at a rate of 15 (EH/s) in addition to their current rate of 24.6 EH/s. The financial details of the deal have not been disclosed. However, it is one of the largest deals in the industry by hashrate.

Today, Core Scientific and @blocks announced a continuous project involving Block’s latest bitcoin mining chip.

-Core Scientific and Block will collaborate on a new miner to democratize Bitcoin mining-Block to supply Core Scientific with ~15 EH/s of new 3 nanometer ASIC mining… pic.twitter.com/nWDnaSG4Tm

— Core Scientific (@Core_Scientific) July 10, 2024

These 3nm chips were designed by Block’s Proto team to surpass existing mining chips in efficiency, reliability, and longevity. The new chips will be utilized in a modular mining rig constructed by ePIC Blockchain Technologies. The aim of these new chips is to enhance the sustainability and efficiency of large-scale mining operations.

Highlighting the collaboration as a crucial step towards decentralizing Bitcoin mining was the lead of Block’s Proto team, Thomas Templeton. Block aims to make mining technology more accessible. This is to reduce the concentration of mining power among a few companies, especially in regions with strict crypto regulations.

Beyond Stocks and ETFs: The Future of #Bitcoin Mining Investments

Our latest article on Bitcoin mining-based digital securities is now live This piece explores how these securities provide a promising alternative to traditional Bitcoin #Mining stocks and #ETFs, offering… pic.twitter.com/4DHP2Z6Mkm

— Magic Circle (@MagicCircleTech) July 11, 2024

Block began developing its own mining chips in 2021 in response to a global chip shortage. They had created a 5nm chip by early 2023 and aimed to make mining technology open source. The 3nm chips are a significant improvement, offering better processing power and energy efficiency.

Core Scientific, which has been mining Bitcoin since 2017, will be the first to use Block’s 3nm chips. Through this collaboration, Core Scientific will be able to increase its mining capacity and offer additional opportunities for other miners. According to Core Scientific’s chief development officer, Russell Cann, this partnership will raise the bar for large-scale Bitcoin mining. Recently, Core Scientific has also expanded into artificial intelligence (AI) services in addition to Bitcoin mining, securing a $3.5 billion contract with cloud provider CoreWeave.

Today, Core Scientific and @blocks announced an ongoing project involving Block’s latest bitcoin mining chip.

-Core Scientific and Block will collaborate on a new miner to democratize Bitcoin mining-Block to supply Core Scientific with ~15 EH/s of new 3 nanometer ASIC mining… pic.twitter.com/nWDnaSG4Tm

— Core Scientific (@Core_Scientific) July 10, 2024

Block is still best known for its payment apps, like Square and Cash App, but it is also making waves in the Bitcoin mining space.

Block and Core Scientific’s collaboration is a significant step toward improving the efficiency and decentralization of Bitcoin mining, which will strengthen the network.

The above is the detailed content of Block and Core Scientific Team Up to Provide New 3-Nanometer (3nm) Bitcoin Mining Chips. For more information, please follow other related articles on the PHP Chinese website!