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.
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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.
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