Jack Dorsey’s Block has secured its first sale of 3-nanometer mining ASICs to Bitcoin miner Core Scientific, in a deal that is expected to significantly boost Core Scientific’s existing mining capacity. The financial details of the agreement have not been disclosed, but the new mining chips are anticipated to increase Core Scientific’s capacity by an additional 15 exahashes per second. This deal with Core Scientific marks one of the largest bitcoin mining ASIC agreements in the industry in terms of hashrate and includes options for additional volume.
The Proto team at Block, responsible for developing the company’s new 3nm mining ASIC chips, aims to deliver chips that offer several improvements over current mining chips. The new chips are said to be more efficient, reliable, and robust, making them well-suited for large-scale Bitcoin mining operations. According to Russell Cann, Core Scientific’s chief development officer, Block and Core Scientific are collaborating to redefine the paradigm of scaled bitcoin mining, with a focus on providing operational benefits while supporting the longevity and vitality of the Bitcoin Network.
As a prominent supporter of cryptocurrency, Jack Dorsey, the founder of Block, formerly known as Square, has been actively working to address challenges within the Bitcoin mining industry. In 2021, Block showcased a 5nm mining chip, and more recently announced plans to not only design chips but also create a complete Bitcoin mining system. Dorsey’s goal is to decentralize the production of mining equipment, currently dominated by China, a country known for its skepticism towards cryptocurrencies. By diversifying manufacturing and spreading out computing power used in mining, Dorsey hopes to reduce the asset’s reliance on specific hardware and prevent centralization.
Despite his efforts to advance Bitcoin mining technology and promote decentralization in the industry, Jack Dorsey’s initiatives with Block have faced scrutiny. Federal prosecutors have recently launched an investigation into Square and Cash App, two central units of Block, raising concerns around regulatory compliance and potential legal challenges. Despite these challenges, Dorsey remains committed to advancing the Bitcoin mining sector and promoting the broader adoption of cryptocurrencies.
In summary, Block’s recent sale of 3nm mining ASICs to Core Scientific represents a significant milestone in advancing Bitcoin mining technology. With a focus on efficiency, reliability, and decentralization, Block’s new ASIC chips are set to bring major upgrades to the industry, while also supporting the long-term sustainability of the Bitcoin Network. Jack Dorsey’s vision for diversifying mining equipment production and spreading out computing power reflects his commitment to pushing the industry forward, despite facing regulatory challenges and legal scrutiny. As one of the leading voices in cryptocurrency advocacy, Dorsey’s efforts with Block are poised to shape the future of Bitcoin mining and decentralization in the digital asset space.
