Bitcoin Mining Milestone: Block Inc, Core Scientific Secure Landmark Chip Deal

In a huge move for the Bitcoin BTC/USD mining industry, Block Inc. SQ, spearheaded by Jack Dorsey, has sealed its first sale of cutting-edge three-nanometer (3nm) mining chips to Core Scientific Inc. CORZ. This historic transaction not only propels Core Scientific to the forefront of mining technology but also marks a milestone in Block's ambitious journey to democratize Bitcoin mining.

Revolutionizing Bitcoin Mining Technology

Block Inc., known for its innovative approach to financial technology, has taken a significant step by selling its latest three-nanometer mining chips to Core Scientific. This deal, involving 15 exahashes per second (EH/s) of mining power, positions Core Scientific as a leader in adopting state-of-the-art mining technology.

our first mining chip customer! https://t.co/JgdTEa8Cdj

— jack (@jack) July 10, 2024

Strategic Partnership Goals

The collaboration between Block and Core Scientific aims to enhance the efficiency and scalability of Bitcoin mining operations. Russell Cann, chief development officer at Core Scientific, emphasized the partnership’s mission to set new standards in the industry, provide substantial operational benefits, and support the Bitcoin network’s sustainability.

Industry Implications and Market Reaction

Block’s entry into the high-performance mining chip market signifies a major shift in Bitcoin mining. By making advanced mining technology more accessible, Block seeks to broaden participation in the mining process. Jack Dorsey’s optimistic prediction that Bitcoin will reach one million dollars by 2030 further highlights the transformative potential of this collaboration.

Following the announcement, Core Scientific’s shares rose by 2.2%, closing at $9.77, while Block’s stock saw a slight decline, ending 0.26% lower at $64.34. This reflects investor confidence in the long-term benefits of the deal.

Want To Learn More?

This development comes at a critical time as the industry looks forward to Benzinga’s Future of Digital Assets event in November in New York City. The event promises to be a premier gathering of digital asset companies and institutional investors, offering a platform for extensive networking and discussions on the future of money.

Attendees at the Benzinga event will have the opportunity to engage with leaders from pioneering companies, including those advancing Bitcoin mining technology. With over 4,000 one-on-one meetings scheduled, participants can forge new relationships and explore emerging trends in digital assets.

Photo by Parilov on Shutterstock