Block, Inc. (NYSE:SQ) shares are trending on Wednesday. The company entered into a agreement to supply Core Scientific (NADAQ:CORZ) with its new 3 nanometer mining ASICs, capable of about 15 EH/s.
The Details: The agreement allows for a significant increase in volume and ranks as one of the largest bitcoin mining ASIC contracts in the industry, based on hash rate.
Block is creating a modular mining platform, built around the novel circuit, that is designed to simplify infrastructure requirements and optimize the use of space and operational resources in data centers. Additionally, it prioritizes sustainability and compatibility by integrating with existing infrastructure and encouraging the reuse of non-ASIC components in the hardware stack.
"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.
SQ Price Action: At the time of publication, Block stock is trading 0.87% lower at $63.95 per data from Benzinga Pro.