Block & Core Scientific Announce Groundbreaking Bitcoin Mining Agreement

Block (formerly Square) and Core Scientific have recently announced a significant partnership in the realm of Bitcoin mining. This collaboration revolves around the provision of Block’s cutting-edge 3-nanometer mining ASICs, developed by their Proto team, to Core Scientific. This partnership marks one of the largest Bitcoin mining deals to date, with an agreement that is poised to deliver approximately 15 exahashes per second (EH/s) of hashrate. This makes it a groundbreaking deal in terms of sheer hashing power.

Not only does this partnership highlight the rapid progress in mining technology, but it also aligns seamlessly with Block’s mission to bolster the resilience of the Bitcoin network. Thomas Templeton, the lead of the Block Proto team, underscored the significance of this agreement in propelling the advancement and decentralization of the mining industry.

By leveraging Core Scientific’s operational expertise and advanced infrastructure alongside Block’s innovative ASIC technology, this collaboration is set to push boundaries in the world of Bitcoin mining. Beyond this particular deal, Block, co-founded by Jack Dorsey, has revealed plans to increase its Bitcoin holdings by allocating 10% of its gross profit from Bitcoin products into monthly purchases. This proactive strategy, coupled with their transparent treasury blueprint, exemplifies Block’s unwavering commitment to fostering Bitcoin adoption and ensuring transparency in corporate treasury management.

Earlier this year, Bitcoin experienced its halving event, a phenomenon that occurs once every four years and involves halving Bitcoin mining rewards. This year’s halving resulted in rewards dropping from 6.25 BTC per block to 3.125 BTC per block.

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