Bitcoin
Block And Core Scientific Partnership to Decentralize Bitcoin Mining
Jack Dorsey, co-founder and CEO of Block, speaks at the Bitcoin 2021 cryptocurrency conference… [+] Convention at the Mana Convention Center in Miami, Florida on June 4, 2021. Photo by Marco BELLO
AFP via Getty Images
The bitcoin mining industry saw major developments and a change in leadership this week. Recent major announcements include a deal between Block, Inc. and Core
Essential
Scientific, a leadership change at Bitfarms and a new Bitcoin research launch
Bitcoin
UK Politics.
Block And Core Scientific’s landmark deal
On July 10, 2024, Block, Inc. and Core Scientific announced an agreement to implement Block’s new 3nm ASIC mining chips. This deal marks one of the largest ASIC acquisition deals in terms of hashrate, aiming to decentralize and disrupt 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 Bit Keyis leading the deployment. In partnership with Core Scientific, they plan to provide next-generation ASICs that are expected to contribute approximately 15 exahashes per second to Core Scientific’s mining operations. This aims to decentralize mining hardware, increase efficiency, and promote sustainability.
Thomas Templeton, Proto Team Lead, said: “Core Scientific is known for its high standards of operational excellence, advanced infrastructure and deep mining expertise. We are excited to break new ground by teaming up with a leading mining operator to build a unique, custom mining solution leveraging our ASICs.”
Russell Cann, Chief Development Officer at Core Scientific, added: “Together, Block and Core Scientific are working to define a new paradigm for bitcoin mining at scale, designed to deliver significant operational benefits while contributing to the longevity and vitality of the Bitcoin network.”
Bitfarms Leadership In another significant development, Bitfarms Appoints Ben Gagnon as CEO on July 8, 2024. Previously Director of Mining, Gagnon brings extensive bitcoin mining experience to his new role.
Under Gagnon’s leadership, Bitfarms, known for its environmentally friendly hydroelectric-powered data centers, aims to expand into power 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 past 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 networks
On July 9, 2024, Bitcoin Policy UK, the company I co-founded, released a new research paper titled “Supporting a Sustainable Network 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 adapting 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 toward a sustainable energy future.
The Future of Bitcoin Mining
These developments mark a period of transformation for the Bitcoin Mining industry. Together, these advances reflect a movement toward 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.