Block Sells Cutting-Edge 3nm Mining Chips to Core Scientific, Revolutionizing Bitcoin Mining Expertise

In an enormous transfer for the Bitcoin BTC/USD mining business, Block Inc. SQ, spearheaded by Jack Dorsey, has sealed its first sale of cutting-edge three-nanometer

Block Inc. (NYSE:SQ), led by former Twitter Inc. TWTR CEO Jack Dorsey, has made its first sale of cutting-edge three-nanometer (3nm) mining chips to Core Scientific Inc. (NASDAQ:CORZ) in a deal that will propel the latter company to the forefront of Bitcoin BTC/USD mining technology.

The transaction, which involves 15 exahashes per second (EH/s) of mining power, marks a significant step in Block’s bold efforts to democratize Bitcoin mining.

Block, known for its innovative approach to financial technology, has now ventured into the high-performance mining chip market with the sale of its latest 3nm chips to Core Scientific, a leading blockchain infrastructure and digital asset mining company. This move is set to have far-reaching implications for the Bitcoin mining industry.

The collaboration between Block and Core Scientific aims to enhance the efficiency and scalability of Bitcoin mining operations. Russell Cann, chief development officer at Core Scientific, highlighted the partnership’s mission to "set new standards in the industry, deliver substantial operational benefits, and support the sustainability of the Bitcoin network."

This partnership is also expected to have a positive impact on the Bitcoin mining industry as a whole. Block’s entry into this market will make advanced mining technology more accessible, broadening participation in the mining process. Notably, Dorsey has expressed optimism about Bitcoin reaching $1 million by 2030, highlighting the transformative potential of this collaboration.

Following the announcement, Core Scientific shares rose by 2.2% to close at $9.77, while Block's inventory saw a slight decline, ending 0.26% lower at $64.34, reflecting investor confidence in the long-term benefits of the deal.

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