Block (formerly Square) and Core Scientific have announced a new partnership for Bitcoin Mining. This collaboration centers around the supply of Block’s new 3-nanometer mining ASICs, developed by their Proto team, to Core Scientific.

The duo strikes one of the largest Bitcoin mining deals

The agreement between Block and Core Scientific is set to deliver approximately 15 exahashes per second (EH/s) of hashrate. This makes it one of the largest Bitcoin mining ASIC deals in terms of hashrate.

This partnership not only showcases the rapid advancement in mining technology but also aligns with Block’s mission to enhance the Bitcoin network’s resilience.

Thomas Templeton, lead of the Block Proto team, emphasized the importance of this agreement in advancing the advancement and decentralization of the mining industry.

The collaboration leverages Core Scientific’s operational excellence and advanced infrastructure, combined with Block’s innovative ASIC technology.

Block’s commitment to the Bitcoin ecosystem extends beyond this deal. The company, co-founded by Jack Dorsey, recently announced plans to increase its Bitcoin holdings by investing 10% of its gross profit from Bitcoin products into monthly purchases.

This strategy, along with their open-sourced treasury blueprint, demonstrates Block’s dedication to promoting Bitcoin adoption and transparency in corporate treasury management.

Bitcoin underwent its halving event earlier, which takes place once every four years. The event chops Bitcoin mining rewards by half. This year’s halving saw rewards drop to 3.125 from 6.25 BTC per block.

Also Read: German Government Now Holds Only 13.11K Seized Bitcoin

Follow Us

Block and Core Scientific Announce Major Bitcoin Mining Partnership
Block (formerly known as Square) and Core Scientific have unveiled a significant new partnership focused on Bitcoin mining. Central to this collaboration is the supply of Block’s advanced 3-nanometer mining ASICs, developed by their Proto team, to Core Scientific. This deal is set to deliver approximately 15 exahashes per second (EH/s) of hashrate, making it one of the largest Bitcoin mining ASIC agreements in terms of hashrate.
Thomas Templeton, head of Block’s Proto team, highlighted the importance of this partnership in advancing and decentralizing the mining industry. The agreement leverages Core Scientific’s operational expertise and advanced infrastructure, paired with Block’s cutting-edge ASIC technology.
Additionally, Block, co-founded by Jack Dorsey, has committed to increasing its Bitcoin holdings by investing 10% of its gross profit from Bitcoin products into monthly purchases. This move underscores Block’s dedication to promoting Bitcoin adoption and transparency in corporate treasury management.
The announcement follows Bitcoin’s recent halving event, which occurs every four years and reduces mining rewards by half. This year’s event lowered rewards from 6.25 to 3.125 BTC per block.