Core Scientific buys Block’s 3nm Bitcoin ASICs in a major deal between the two companies. The deal boosts Core Scientific’s hash rate by 60%, enhancing efficiency and profitability. The deal between Block and Core Scientific aims to redefine Bitcoin mining standards, leveraging advanced ASICs.

Jack Dorsey’s financial services company Block has finalized a major deal with Core Scientific, marking the first sale of its highly anticipated 3 nanometer Bitcoin mining ASICs. This deal marks one of the largest ASIC agreements ever signed in the history of Bitcoin mining, underscoring Block’s commitment to advancing mining technology and Core Scientific’s strategic expansion in the sector. Block’s 3nm Bitcoin mining ASICs Developed by Block’s Proto team, the 3nm mining ASICs represent a leap forward in efficiency and performance for large-scale Bitcoin mining operations. By integrating cutting-edge technology into these chips, Block aims to significantly enhance the efficiency, reliability, and uptime of mining activities conducted by firms like Core Scientific. The 3nm ASCIs provides Core with 15 exahashes per second (EH/s) worth of chips and are set to increase the mining firm’s energized hash rate by a remarkable 60% as of June 2024. Core Scientific, a publicly traded Bitcoin mining giant, has emerged as a key player in the industry’s recovery following recent challenges. The company’s stock (CORZ) has surged, reflecting investor confidence in its ability to leverage advanced mining technologies to bolster operational capabilities and profitability. Core Scientific’s decision to purchase Block’s 3nm Bitcoin mining ASICs comes amidst a broader industry trend towards greater efficiency and sustainability in cryptocurrency mining, driven by technological innovation and environmental considerations. Block pioneering a new era in Bitcoin mining According to Russell Cann, Chief Development Officer at Core Scientific, the collaboration with Block marks a pivotal moment in scaling Bitcoin mining operations. Cann emphasizes that the new mining platform built around Block’s 3nm ASICs will not only optimize space and operational resources within their data centers but also contribute to the long-term vitality of the Bitcoin network. The partnership underscores a shared vision to redefine industry standards and accelerate the adoption of advanced mining technologies globally. The strategic alliance between Block and Core Scientific highlights the growing importance of technological innovation in sustaining and expanding Bitcoin mining capabilities. As the cryptocurrency landscape continues to evolve, advancements in ASIC technology are expected to play a crucial role in enhancing the efficiency and profitability of mining operations. With Core Scientific leading the charge as the first recipient of Block’s 3nm ASICs, the stage is set for further advancements that could shape the future of Bitcoin mining worldwide.

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CFTC Chair Rostin Behnam says a majority of cryptocurrencies, 70-80%, are non-securities. Behnam appeared before the  U.S. Senate Committee on Agriculture, Nutrition and Forestry’s Hearing on the Oversight of Digital Commodities on Wednesday.

Rostin Behnam, the chairman of the Commodities Futures Trading Commission (CFTC), has reiterated his belief that the CFTC is better placed as the agency to oversee crypto. The CFTC chair made the comments in a testimony during the  U.S. Senate Committee on Agriculture, Nutrition and Forestry’s Hearing on the Oversight of Digital Commodities on Wednesday. Behnam told lawmakers of the recent court rulings in Illinois that declared Bitcoin (BTC) and Ethereum (ETH) are commodities. “Just last week, a District Court in the Northern District of Illinois entered summary judgment in favor of the CFTC in a case involving fraud by an unregistered entity that promised steady returns in digital asset commodities such as Bitcoin and Ether. In its decision, the court re-affirmed that both Bitcoin and Ether are commodities under the Commodity Exchange Act,” he said in a testimony. In the same manner, the CFTC chair noted that most of the cryptocurrencies in the market are not securities, with a percentage applicable to this being around 70-80%. Behnam also talked of the Commission’s regulatory efforts, particularly in bringing enforcement actions against individuals and entities that breach the commodities laws, including in the digital commodities market. The CFTC has over the past few years filed more than 135 digital commodity-related cases, with the lawsuits resulting in billions of dollars in penalties and restitution. While the CFTC continues to work with  law enforcement, there’s continued escalation of digital asset fraud and other violations, largely down to “accelerated and sustained adoption of digital assets by U.S. investors.”

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