Core Scientific, one of the largest operators of digital infrastructure for Bitcoin mining, and Block, a global financial technology company, have announced a strategic collaboration to decentralize Bitcoin mining hardware.
This partnership marks a significant milestone in the effort to decentralize Bitcoin mining. Both companies plan to develop and deploy a new Bitcoin mining chip as part of an ongoing project that promises to decentralize mining hardware.
According to the announcement made by Block on July 10, Core Scientific will be the first Bitcoin mining company to acquire the new 3 nanometer ASIC technology that you are developing.
The acquisition by Core Scientific represents approximately 15 exahashes per second (EH/s) of hash capacity, becoming one of the largest agreements in the industry in terms of computing power.
The new mining chip, designed by Block, will use advanced 3-nanometer technology and is expected to significantly improve the energy efficiency and processing capacity of Bitcoin mining. As part of the partnership, Core Scientific will provide its mining infrastructure and operations expertise to help deploy the new chip across its mining network.
Core Scientific and Block want to break the negative approach towards Bitcoin mining
Although Bitcoin mining has evolved significantly since its inception, it is still heavily criticized for its high energy consumption and environmental impact.
Therefore, through their project, the companies hope that the decentralization of mining hardware can help address problems related to the activity, by allowing a more diverse network of participants to contribute to the crypto mining process instead of relying on one small number of large-scale mining farms.
Mike Levitt, CEO of Core Scientific expressed his great enthusiasm for the partnership with Block and the launch of the decentralization project to move towards building a network more secure, scalable and sustainable.
"We believe that our experience in mining infrastructure and operations, combined with Block's leading technology, will allow us to achieve this goal"Levitt pointed out.
On the other hand, Block's Proto team, which is responsible for developing the new mining chip, stated that the collaboration with Core Scientific exemplifies how its mining products can drive the advancement and decentralization of the crypto mining industry.
According to team leader Thomas Templeton, the new 3-nanometer chip in development “promises to improve efficiency, reliability and uptime in large-scale mining operations”. In addition to this, the chip is designed to optimize the use of space and operational resources in data centers, prioritizing sustainability and compatibility with existing infrastructure, said.
The new 3nm chip will be available next year
The Proto team reported that the new 3-nanometer Bitcoin mining chip is currently in development and is expected to be available for deployment on the Core Scientific mining network in the next year.
On the other hand, although the company has become the first acquirer of the new chip developed by Block, the company made a long-term commitment to the development of this industry, which is why it assured that its new ASIC equipment will be available to both large customers as well as for small clients who want to participate in network mining.
The goal, Templeton emphasized, is to allow third parties to build custom solutions using Proto mining chips to decentralize Bitcoin mining.
Core Scientific development director Russell Cann stressed that the development of this new chip and collaborations like this between his company and Block will define a new paradigm for Bitcoin mining at scale, offering more significant operational benefits and contributing to efficiency. energy, sustainability, longevity, vitality, transparency and resilience of the market-leading blockchain network. Therefore, this agreement not only represents a breakthrough for Bitcoin mining, but also highlights the interest and commitment of companies to the transformation, innovation and decentralization of Bitcoin and its consolidation as a solid financial asset.
At press time, the announced collaboration between Core Scientific and Block has not significantly impacted the bitcoin price, which is trading above $57.600 per BTC, with a correction of 0,32% in the last 24 hours and a slight rise of 0,50% in the last 7 days.
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