After Block (SQ) and Core Scientific (CORZ) announced an agreement to supply Core Scientific with Block’s new 3 nanometer mining ASICs, Macquarie noted that this size order represents one of the larger bitcoin mining ASIC deals announced to date in terms of aggregate compute capacity and called the deal “a key milestone for Proto’s mining ASIC program.” While no financial terms were disclosed, the firm contends this development is “further evidence” of Block’s Proto team emerging as a “leader in the crypto hardware ecosystem,” in addition to its existing software platforms. The firm has an Outperform rating and $100 price target on Block shares.
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