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Core Scientific Partners with Block on Next-Generation Bitcoin Mining Project

Core Scientific Partners with Block on Next-Generation Bitcoin Mining Project

Jul 10, 2024
Bitcoin Mining

Core Scientific Partners with Block on Next-Generation Bitcoin Mining Project

Core Scientific has announced a strategic partnership with Block, formerly known as Square, to deploy a new generation of Bitcoin mining chips. The collaboration aims to democratize Bitcoin mining and introduce a new miner that utilizes Block's latest 3 nanometer (3nm) ASIC mining chip technology.

According to a Core Scientific press release dated July 10, 2024, this agreement marks one of the largest of its kind in terms of hashrate, with Core Scientific set to receive approximately 15 exahashes per second (EH/s) of mining power. The deal also includes an option for additional significant volume procurement.

Russell Cann, Core Scientific’s Chief Development Officer, expressed enthusiasm for the partnership, stating, "We have worked closely with the team at Block to develop the next generation of mining technology that not only helps support our significant hashrate growth plans within our existing infrastructure but also provides all mining companies with more miner options. Together, Block and Core Scientific are working to define a new paradigm for scaled Bitcoin mining, one designed to deliver important operational benefits while contributing to the longevity and vitality of the Bitcoin Network."

Block's Proto team, which is spearheading the mining initiative and the self-custody wallet Bitkey, is developing a modular mining platform around the new ASIC chip. This platform promises to offer improved efficiency, reliability, and uptime for large-scale mining operations, while also prioritizing sustainability and compatibility with existing infrastructure.

Thomas Templeton, Lead of the Proto team at Block, highlighted the agreement's significance: “This agreement is a good example of how we envision our mining products pushing forward the advancement and decentralization of the mining industry. Core Scientific is known for its high standards of operational excellence, advanced infrastructure, and deep expertise in mining. We are excited to break new ground by teaming with a leading mining operator to build a unique, tailor-made mining solution leveraging our ASICs.”

The initiative also involves ePIC Blockchain Technologies, which has co-designed the modular platform with input from Core Scientific. Earl Mai, CTO of ePIC Blockchain Technologies, commented on the collaboration, "By integrating Block's cutting-edge ASIC chips with an eye toward integration into Core Scientific's advanced infrastructure, we are set to deliver a modular mining platform that redefines expectations for efficiency and reliability in large-scale operations."

Block's commitment to decentralization extends to its intention to make the ASIC technology open-source, providing the mining community with the necessary tools, documentation, and expertise. The move is expected to increase decentralization, transparency, and resiliency within the Bitcoin network.

Core Scientific Press Release Blog Post


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