Block Inc. (NYSE:SQ), the financial technology firm helmed by Jack Dorsey, has made its first sale of 3 nanometer (3nm) mining ASICs to leading Bitcoin (CRYPTO: BTC) miner Core Scientific Inc. (NASDAQ:CORZ).
What Happened: According to a press release from Wednesday, Core Scientific will purchase 15 exahashes per second (EH/s) worth of chips from Block, becoming the first major Bitcoin mining company to procure the new mining technology
The agreement was labeled as one of the largest Bitcoin mining ASIC deals in the industry in terms of hashrate.
our first mining chip customer!
— jack (@jack) July 10, 2024
The team at Block marketed the new solution as one that offers several advantages over existing mining system designs.
Why It Matters: This development marks a significant milestone for Block, which had announced the completion of its new three-nanometer Bitcoin mining chip in April. The company said that the initiative aims to democratize Bitcoin mining by making it more accessible and straightforward.
Dorsey, formerly known for leading Twitter (now called X), has shifted his focus to cryptocurrencies. He co-founded Block (formerly known as Square) and has also served on the board of directors for Bluesky, a decentralized social media platform.
In an interview in May, the tech entrepreneur predicted Bitcoin would hit at least one million by 2030.
Price Action: Shares of Core Scientific closed 2.2% higher at $9.77 during Wednesday's trading session, according to data from Benzinga Pro. Block's stock, on the other hand, ended 0.26% lower at $64.34.
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.