Block And Core Scientific Partnership To Decentralize Bitcoin Mining

The bitcoin mining industry saw major developments and a leadership change this week. Just released, key announcements include an agreement between Block, Inc. and Core
Core
Scientific, a leadership change at Bitfarms, and a new research release by Bitcoin
Bitcoin
Policy UK.

Block And Core Scientific’s Landmark Agreement

On July 10, 2024, Block, Inc. and Core Scientific announced an agreement to deploy Block’s new 3-nanometer or 3nm ASIC mining chips. This deal marks one of the largest ASIC procurement deals in terms of hashrate, aiming to decentralize and innovate the bitcoin mining ecosystem in alignment with Block’s mission to democratize bitcoin mining.

Block’s Proto team, known for developing the self-custody wallet Bitkey, is leading the deployment. Partnering with Core Scientific, they plan to supply state-of-the-art ASICs, expected to contribute approximately 15 exahashes per second to Core Scientific’s mining operations. This is set to decentralize mining hardware, enhance efficiency, and promote sustainability.

Thomas Templeton, Lead of the Proto team, highlighted, “Core Scientific is known for its high standards of operational excellence, advanced infrastructure, and deep expertise in mining. We are excited to break new ground by teaming with a leading mining operator to build a unique, tailor-made mining solution leveraging our ASICs.”

Russell Cann, Core Scientific’s Chief Development Officer, added, “Together, Block and Core Scientific are working to define a new paradigm for scaled bitcoin mining, one designed to deliver important operational benefits while contributing to the longevity and vitality of the Bitcoin Network.”

Bitfarms’ Leadership In another significant development, Bitfarms appointed Ben Gagnon as Chief Executive Officer on July 8, 2024. Formerly the Chief Mining Officer, Gagnon brings extensive experience in bitcoin mining to his new role.

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Under Gagnon’s leadership, Bitfarms, known for its environmentally friendly hydro-electric powered data centers, aims to expand into energy generation, heat recycling, and high-performance computing for AI.

Nicolas Bonta, Chairman of the Board of Directors, expressed confidence in Gagnon’s leadership: “Over the last five years, Ben has been a vital member of the Bitfarms leadership team and has been instrumental in positioning the Company to drive organic growth and capture a greater share of the global demand for bitcoin.”

UK Study On Bitcoin Mining For Sustainable Grids

On July 9, 2024, Bitcoin Policy UK, the company I co-founded, released a new research paper titled “Supporting a Sustainable Grid With Bitcoin Mining,” coinciding with the UK Government’s plans to create a National Wealth Fund. This research explores how bitcoin mining, often criticized for its energy consumption, can uniquely support, develop, and monetize sustainable grids and renewable electricity generation by acting as a flexible load in demand response programs.

The study highlights the potential of bitcoin mining to enhance renewable energy systems by adjusting to grid demands and supporting the integration of renewable sources. The proposed National Wealth Fund aligns with the paper’s recommendations, representing an important step towards a sustainable energy future.

The Future Of Bitcoin Mining

These developments signal a transformative period for the bitcoin mining industry. Together, these advancements reflect a move towards a more decentralized, efficient, and environmentally conscious bitcoin mining ecosystem, paving the way for future innovations and demonstrating Bitcoin’s growing potential as a robust and transformative financial asset.