Block Sells Custom-Built Mining Chips to Core Scientific
Block, led by CEO Jack Dorsey, has made its first sale of custom-built Bitcoin mining chips to Core Scientific. The company claims this is one of the largest ASIC agreements in Bitcoin mining history. These high-performance chips will significantly boost Core Scientific's hash rate, increasing it by a whopping 60% compared to June 2024 levels.
The new mining platform developed by Block's Proto team aims to improve efficiency and reliability for large-scale operations. Core Scientific can now optimize its data center resources, according to Russell Cann, the company's Chief Development Officer. He believes this partnership will 'define a new paradigm for scaled Bitcoin mining.'
This deal comes as a relief to miners who have been worried about halving events. Block completed its Bitcoin mining chip in April, with Dorsey stating it would help miners 'survive and thrive' after the fourth halving. The company is also expanding into other areas beyond mining, including the launch of Bitkey, a hardware wallet for Bitcoin self-custody.