Ethereum’s co-founder explained some of Ethereum’s issues at the EthCC. He also proposed solutions to these problems, like simplifying protocol and making solo staking easier.

At the Ethereum Community Conference, the co-founder of the cryptocurrency, Vitalik Buterin, gave a keynote speech regarding its strengths and weaknesses. He began by highlighting the strength of the Ethereum ecosystem, describing it as “large and reasonably decentralised”, and highlighting the range of these applications that shows Ethereum’s versatility. Buterin mentioned that Ethereum’s weaknesses still need to be addressed. The co-founder is known for openly discussing the cryptocurrency’s weaknesses despite its numerous successes. Among the more prominent weaknesses is Ethereum’s usability, which renders the network incredibly complicated for non-experts and discouraging for new users. He pushed for simplifying the existing protocol to ease things for developers and users alike. Furthermore, Buterin noted that solo staking is still very difficult as the current process requires 32 ETH before one can become a validator in addition to the complicated process of running a node. However, he reassured the crowd that these issues are “very addressable”. He also advocated for preparedness in the hypothetical case of a 51% attack and stated that his biggest concern is that it could result in network censorship. He admitted that developing a solution for this is not as simple as it “depends on a lot of assumptions around coordination, ideology, and various other things, and it’s not clear how to do something like that as well in 10 years.” However, he proposed that increasing the quorum threshold from 75% to 80% can help prevent difficulties in the network recovering from attacks when the chain finalises. “We want to make the response to 51% attacks be as automated as possible,” Buterin stated. Essentially, if a validator or transaction is censored, it will counter-censor the majority chain, and all honest nodes will coordinate on the same minority software. Vitalik Buterin presented an honest and unbiased representation of Ethereum’s current state while proferring solutions to certain issues through various technological innovations. For example, to address Ethereum’s scalability issues, Vitalik stated that a solution lies in shards, which will allow for the division of workload among parallel chains. He also stated that continuous research will be conducted to improve and address security concerns. To round up his speech, he stressed the value of doubling down on strengths while still recognising and fixing any inadequacies.

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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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