Block’s New Bitcoin Mining Chip to Be Part of an Ongoing Project With Core Scientific to Decentralize Mining Hardware
July 10 2024 - 8:10AM
Business Wire
- Bitcoin mining leader Core Scientific becomes the first to
procure Block’s new ASIC technology for large-scale mining
operations, built by the Proto team which leads the mining
initiative and the self-custody wallet, Bitkey.
- Joint project further underscores Proto’s commitment to
fostering innovation and decentralization in the bitcoin mining
ecosystem.
Block, Inc. [NYSE: SQ], a global technology company with a focus
on financial services, and Core Scientific [Nasdaq: CORZ], one of
the largest owners and operators of high-powered digital
infrastructure for bitcoin mining and hosting services in North
America, today announced an agreement to supply Core Scientific
with Block’s new 3 nanometer (3nm) mining ASICs, built by the Proto
team, representing approximately 15 EH/s (exahashes per second) of
hashrate. The agreement provides the option for additional,
significant volume and is one of the industry’s largest bitcoin
mining ASIC agreements announced, in terms of hashrate.
In support of its mission to democratize bitcoin mining, the
Proto team at Block is developing a modular mining platform around
its ASIC mining chip to deliver an innovative, integrated bitcoin
mining solution that offers several advantages over existing mining
system designs, resulting in improved efficiency, reliability, and
uptime in large-scale mining operations. It's designed to simplify
infrastructure demands and optimize the use of space and
operational resources within data centers such as those operated by
Core Scientific and also prioritizes sustainability and
compatibility by integrating with existing infrastructure and
promoting the reuse of non-ASIC elements of the hardware stack.
“This agreement is a good example of how we envision our mining
products pushing forward the advancement and decentralization of
the mining industry,” explains Thomas Templeton, Lead of the
Proto team at Block. “Core Scientific is known for its high
standards of operational excellence, advanced infrastructure, and
deep expertise in mining. We are excited to break new ground by
teaming with a leading mining operator to build a unique,
tailor-made mining solution leveraging our ASICs.”
“We have worked closely with the team at Block to develop the
next generation of mining technology that not only helps support
our significant hashrate growth plans within our existing
infrastructure, but also provides all mining companies with more
miner options,” said Russell Cann, Core Scientific Chief
Development Officer. “Together, Block and Core Scientific are
working to define a new paradigm for scaled bitcoin mining, one
designed to deliver important operational benefits while
contributing to the longevity and vitality of the Bitcoin
Network.”
With input from Core Scientific, the Proto team co-designed a
modular platform alongside ePIC Blockchain Technologies.
"By integrating Block's cutting-edge ASIC chips with an eye
toward integration into Core Scientific's advanced infrastructure,
we are set to deliver a modular mining platform that redefines
expectations for efficiency and reliability in large-scale
operations. This collaboration embodies our commitment to
integrating and reusing existing infrastructure while pushing the
envelope of what’s possible,” said Earl Mai, CTO of ePIC
Blockchain Technologies.
Democratizing bitcoin mining: one step forward
The primary purpose of Proto’s mining initiative is to increase
the decentralization, transparency, and resiliency of the bitcoin
network. This is accomplished through building mining chips,
systems, and software solutions, including the Mining Development
Kit (MDK), currently in beta, in an open and transparent manner in
partnership with the mining community.
The agreement with Core Scientific represents a significant step
forward for Proto’s mining chip program and its goal of
decentralizing mining by enabling third parties to build tailored
solutions using Proto’s mining chips. This strategy further
underscores Block’s long-term commitment to the bitcoin mining
industry by making mining ASICs available to customers large and
small over time.
Templeton added, “By adopting this approach, we aim to
foster innovation and significantly expand the bitcoin mining
hardware ecosystem. We are excited to see more projects of
different types and sizes become possible with access to our
vertically integrated hardware systems and mining chips, especially
those that bring more innovation to the space.” The company aims to
continue to enable other market players, big and small, to foster
innovation and decentralization in the ecosystem.
About Block
Block, Inc. (NYSE: SQ) (formerly, Square, Inc.) is a global
technology company with a focus on financial services. Made up of
Square, Cash App, TIDAL, and TBD, we build tools to help more
people access the economy. Square makes commerce and financial
services easy and accessible for sellers with its integrated
ecosystem of technology solutions. With Cash App, anyone can easily
send, spend, or invest their money in stocks or bitcoin. Afterpay
brings Square and Cash App together, connecting consumers and
businesses. Artists use TIDAL to help them succeed as entrepreneurs
and connect more deeply with fans. TBD is building an open source
platform and developer infrastructure that enables everyone to
access and participate in the global economy.
About the Proto team at Block Inc.
Proto’s mission is to accelerate the transition to a more open,
equitable global economy. We believe open protocols like Bitcoin
are integral to achieving that vision. The team’s first two
initiatives - mining tools and a self-custody wallet, Bitkey - aim
to decentralize access for builders, increase network resiliency,
and make everyday use of bitcoin safe and easy.
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