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On July 10, 2024, Block, Inc. (NYSE: SQ) and Core Scientific (NASDAQ: CORZ) announced a significant partnership aimed at enhancing Bitcoin mining through innovative technology and decentralization efforts. Under the agreement, Block's Proto team will supply Core Scientific with its new 3-nanometer ASIC mining chips, marking one of the industry's largest ASIC contracts. The partnership is expected to provide approximately 15 EH/s (exahashes per second) of hashrate, with potential for further substantial increases.

The Proto team, also known for developing the Bitkey wallet, focuses on modular mining solutions designed to enhance efficiency, reliability, and sustainability in large-scale operations. Integrating these chips into Core Scientific’s infrastructure, the partnership aims to drive innovation and decentralization in Bitcoin mining.

Thomas Templeton, lead of the Proto team at Block, noted that the collaboration could significantly advance the mining sector by introducing new, customized solutions. Russell Cann, Chief Development Officer at Core Scientific, underscored the agreement's role in supporting hashrate growth and diversifying mining options.

Additionally, the Proto team has collaborated with ePIC Blockchain Technologies to co-design a modular platform that improves mining efficiency and reliability. This initiative supports Proto's mission to increase the Bitcoin network's decentralization and transparency.

Block’s overarching goal is to democratize Bitcoin mining and spur innovation across the industry, ensuring that entities of all sizes can contribute to a more open and resilient Bitcoin network.

Disclaimer: This article is for general informational and educational purposes only and should not be considered legal, tax, accounting, or investment advice. The views expressed are my own and do not constitute financial advisory services. I have no business relationship with any company whose stock or cryptocurrency is mentioned in this article.