"Fintech giant Block has closed the first order for its new mining chips. Under an agreement dated July 10, Block will supply its new 3-nanometer (3nm) process application-specific integrated circuits (ASICs) to Bitcoin miner Core Scientific. 🤝

The deal will add approximately 15 exahashes per second (EH/s) to Core's mining power.

Block, which owns the popular payment gateways Square and Cash App, has been actively addressing Bitcoin mining issues since 2021. In 2021, the company began developing its own semiconductor chips, and by the beginning of 2023, it completed a prototype of a 5nm chip for Bitcoin mining.

Bitcoin mining is computationally intensive, and smaller, more efficient 3nm chips could improve mining hardware processing, reducing power consumption."