Jack Dorsey’s Block to supply new mining chips to Core Scientific

Jack Dorsey’s company, Block, has entered into an agreement with Core Scientific, a Bitcoin mining firm, to supply them with new and improved 3-nanometer mining chips. The financial details of the deal have not been disclosed, but it is expected to significantly increase Core Scientific’s mining capacity. The partnership between the two companies is considered to be among the largest ASIC agreements in the industry, and Block’s Proto team is working on engineering an improved mining platform around its ASIC chips. This move is part of Block’s ongoing efforts to pioneer innovation in the Bitcoin mining sector. The Proto team aims to create ASIC chips that are more efficient, reliable, and durable than existing miner chips. The agreement is also seen as a strategic move to promote decentralization in the mining industry. Jack Dorsey, well-known for his role in the crypto space, sees this partnership as a major milestone for Block. Since the halving event in April, many miners have been struggling to maintain profitability, with revenues decreasing significantly. This has prompted miners to explore various strategies, such as upgrading mining equipment, to increase revenue.