A new agreement between Block and Core Scientific provides the option for additional volume and is one of the industry’s largest bitcoin mining ASIC agreements.
Block, Inc. and Core Scientific announced an agreement to supply Core Scientific with Block’s new 3-nanometer mining ASICs, built by Block's Proto team, representing approximately 15 EH/s of hashrate.
"The primary purpose of Proto’s mining initiative is to increase the decentralization, transparency, and resiliency of the bitcoin network," the release said. "This is accomplished through building mining chips, systems, and software solutions, including the Mining Development Kit , currently in beta, in an open and transparent manner in partnership with the mining community."
“This agreement is a good example of how we envision our mining products pushing forward the advancement and decentralization of the mining industry,” said 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.
In May, Block announced it would begin adding more bitcoin to its balance sheet and is open-sourcing its treasury blueprint so others can follow suit. The company said it will invest 10% of its gross profit from bitcoin products into monthly bitcoin purchases. As of the end of the first quarter, its original bitcoin investment of $220 million has grown by approximately 160% to $573 million.
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