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    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

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    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

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    how NFTs became a global brand and a Web3 “social currency”

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    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

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    NFT sales surge to $574 million in July, second-highest in 2025

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    Bitcoin Sees Historic Rise in Shark and Whale BTC Wallets, Records New High: Santiment

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    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

    The #1 CopyTrading Exchange-Bitget Turns 5, $100 Bonus for Newcomers

  • Coin Marketcaps
  • Home
  • Crypto
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  • Web 3
    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

    IOT in E-Commerce Market Is Going to Boom | Major Giants Amazon,Alibaba,eBay

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    Enhancing Security in Online Gambling with Blockchain Technology

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    Blushush by Sahil Gandhi and Ohh My Brand by Bhavik Sarkhedi Partner to Revolutionize Brand Strategy and Personal Branding

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    How to Play Treeverse: Beginner’s Guide to Gameplay, NFTs, and Tokenomics

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    Intellivix Targets Global AI Surveillance Market with ‘False Alarm Elimination’ Gen AMS

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The Future of Gambling: How Casino Sites Are Leveraging Web3

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    The most potentially profitable investment method in 2025 is through PairMiner crypto cloud mining, earning passive income daily.

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    GameFi Q1 2025 Report: User Growth, Chain Activity, and Revenue Trends

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

    Brain-Computer Interface Market Value, Trends, and Demand Insights | Scope By 2032

  • Metaverse
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    Shib: The Metaverse – Part of the Expanding Shiba Inu Ecosystem

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    Experience to Earn: Everdome’s Metaverse Frontier

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    Beyond Bots: Meta Motivo and the Dawn of Humanlike Digital Life

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    Exploring NetVRk: What Is Behind This AI-Driven Virtual Universe?

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    Council of Europe Highlights Metaverse’s Impact on Privacy and Democracy

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    Meta Cancels Next-Gen Headset Amidst Changing Market Landscape

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    SYKY Bridges Digital and Physical Fashion with Apple Vision Pro

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    Somnia Launches Playground App to Empower Metaverse Creators

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    NFT Sales Spike in July—but Still Miles Below 2024’s Highs

    Ethereum Collections Lead NFT Sales Today

    Ethereum Collections Lead NFT Sales Today

    how NFTs became a global brand and a Web3 “social currency”

    how NFTs became a global brand and a Web3 “social currency”

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Pixel Vault Removes CEO Following Self-Dealing and Rug Pull Accusations

    Labubus have succeeded in every way that NFTs have failed

    Labubus have succeeded in every way that NFTs have failed

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    CryptoPunks Floor Price Hits 3-Year High of $208,000

    NFT sales surge to $574 million in July, second-highest in 2025

    NFT sales surge to $574 million in July, second-highest in 2025

    Crypto Scammer Gets Prison Time for Swiping NFTs, Coins via Hacked X Accounts

    Crypto Scammer Gets Prison Time for Swiping NFTs, Coins via Hacked X Accounts

    CryptoPunks price surges to $200k, $PUNKS loaner Gondi accused of facilitating chandelier bids

    CryptoPunks price surges to $200k, $PUNKS loaner Gondi accused of facilitating chandelier bids

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    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

    Ethereum NFT Sales Surge 56% in July 2025 as Alt-Chains Lose Market Share

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    The Biggest Games Releasing in August 2025

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    TaskOn Joins EPHYRA to Elevate AI-Powered Gaming Experience

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    The Squid Fighter game is taking Telegram by storm — join the fight and claim your NFT before it’s too late!

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    Early Off the Grid Skin Holders Are Cashing In – Will You?

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    This Game Lets You Relive the Ethereum Story Through Vitalik Buterin’s Eyes

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

    NFTs at Your Fingertips: Inside Japan’s NFT Vending Machine Trend

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    PEPE GAMES Integrates with GaFin to Power the Meme Gaming Hub

    A Pressure Group Forced Steam to Remove Adult Games. It’s Coming After Crypto Next

    A Pressure Group Forced Steam to Remove Adult Games. It’s Coming After Crypto Next

  • Blockchain
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    Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

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    MetaMask Users Can Now Link Binance and OKX Accounts to Their Portfolio Dashboard

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    NetMindAI Partners with Neurochain AI to Revolutionize Decentralized AI Services

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    LFG Boosts Token Launches with Community Power

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    Polyhedra Network launches Proof Cloud in open beta

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    SoonVerse Partners with Arris to Enhance User Experience

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    Metaplex Deploys Product Suite on Sonic SVM, Enhancing Solana’s Gaming Ecosystem

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  • AI
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    Bitcoin Miner Bit Digital Diversifies Into AI for ‘Substantially Higher Margin’ Than Mining

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    ETH Daddy Discusses Ethereum and AI

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Home Mining

Jack Dorsey’s Block to supply new mining chips to Core Scientific

July 11, 2024
in Mining
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Jack Dorsey’s Block to supply new mining chips to Core Scientific
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Tech giant Block has reached an agreement with a Bitcoin mining firm, Core Scientific. Block will supply the mining firm with new and improved 3-nanometer mining application-specific integrated circuit (ASIC) chips.

READ ALSO

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The two companies have not yet revealed the finances of the deal. However, the mining chips are expected to yield an additional 15 exahashes per second to Core Scientific’s current mining capacity of 24.6 exahashes per second.

The two companies released a joint press release acknowledging they had come to an agreement that is currently among the largest ASIC agreements in the industry. According to the announcement, the Block Proto team is engineering an improved mining platform around its ASIC chips to unveil important mining solutions that the industry desperately needs.

Block pioneers innovation in the Bitcoin mining sector

our first mining chip customer! https://t.co/JgdTEa8Cdj

— jack (@jack) July 10, 2024

The Proto team expects to create ASIC chips with numerous advantages over existing miner chips. The announcement detailed that Block’s chips are more efficient, reliable, and durable to withstand large-scale Bitcoin mining.

Thomas Templeton, the lead of the Proto team, stated that the agreement between the two companies is a strategic move to promote the decentralization of the mining industry. Russell Cann, Core Scientific’s chief development officer, also commented on the partnership, highlighting that the collaboration will yield the next generation of mining technology.

Jack Dorsey is widely regarded as a crypto pioneer. In 2021, he rebranded his mobile payment company, Square, to its current name, Block. In the same year, Block centered its operations on innovations solving challenges in the Bitcoin mining sector. By October 2021, Block had already unveiled a 5 nm mining chip.

See also  Data Shows Bitcoin Mining Giants Foundry and Antpool Seize 56.7% of Network’s Hashrate

Block launched a beta program for the organization’s Mining Development Kit (MDK), which attempts to solve challenges in the mining industry, such as lack of transparency and limited access to mining equipment.

Miners’ profits dry up amid capitulation concerns

Since April’s halving event, bitcoin miners have been exploring ways to expand revenue. However, they are reportedly facing capitulation levels that were last witnessed during the collapse of the FTX exchange in 2022.

Capitulation periods often result in miners selling part of their mined Bitcoin or reserves or attempting to upgrade their mining equipment to more efficient ones. A Canadian-based Bitcoin miner called Bitfarms updated 39,000 old miners with new and more efficient mining equipment. The miner also sold 134 bitcoins for $8.8 million to curb its revenue shortage and retain its liquidity.

Notably, a report from Crypto Quant suggested that miners have been underpaid since April’s halving. The mining industry saw daily revenues decrease by 63% from $79 million in March to $29 million as of July 5th. The situation has forced miners to seek alternative means to retain their profitability. Bitcoin mining revenue by hash also declined significantly to $0.049 per EH/s, nearing its all-time low of $0.045.

Cryptopolitan reporting by Collins J. Okoth

Tags: blockChipsCoreDorseysJackMiningScientificsupply

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