Block Sells 3nm Bitcoin Mining ASICs to Core Scientific, Adding 15 EH/s to Their Bitcoin Mining Capacity
Developed in collaboration with ePIC Blockchain, these new chips improve energy efficiency and computational power.
Block aims to decentralize Bitcoin mining by making its mining technology open source.
Fintech company Block, led by Jack Dorsey, announced the first sale of its new 3-nanometer (3nm) application-specific integrated circuits (ASICs) to Bitcoin mining giant Core Scientific.
This agreement, unveiled on July 10, marks a significant advancement in the Bitcoin mining industry. Although the financial details of the deal were not disclosed, the purchase is expected to add nearly 15 exahashes per second (EH/s) to Core Scientific’s current mining capacity of 24.6 EH/s.
Development and Collaboration of These New ASICs
These new ASICs were developed in collaboration with ePIC Blockchain Technologies and Core Scientific. The two companies have been working together in recent months to refine the chips and design a modular platform that can evolve according to the needs of mining operators.
The project was led by Block’s Proto team, which is responsible for the company’s mining tools and wallet.
Cet accord est un bon exemple de la manière dont nous envisageons nos produits de minage pour faire avancer et décentraliser l’industrie du minage.
Thomas Templeton, chef de l’équipe Proto chez Block.
Block’s Commitment to Bitcoin Mining
Block, known for its popular payment gateways such as Square and Cash App, has been expanding its operations since 2021 to address the challenges of Bitcoin mining. Due to the global chip shortage, the company started developing its own semiconductors in October 2021.
By early 2023, Block had completed the design of a prototype for a 5nm Bitcoin mining chip and announced its intention to make the mining technology open source by selling standalone ASICs and other hardware components.
Advantages of 3nm Chips
Bitcoin mining requires substantial computational resources to solve complex cryptographic problems, validate transactions, and secure the network. Smaller and more efficient 3nm chips can improve mining hardware performance while reducing energy consumption. Block has previously described its mining ASICs business as costly and complex, highlighting that few companies control a large portion of the specialized silicon for Bitcoin mining, leading to a concentration of BTC mining technology.
