Block Inc., a fintech company focused on Bitcoin, has unveiled a new cryptocurrency mining system aimed at enhancing the longevity of mining rigs and reducing operational expenses. The centerpiece of this initiative is the Proto Rig, a modular system designed to last over a decade, replacing the conventional three-to-five-year lifespan of mining rigs. This allows miners to upgrade individual hashboards instead of entire units, potentially lowering upgrade costs by 20%. Additionally, Block introduced Proto Fleet, an open-source management platform for large mining operations. This move follows Block's recent advancements in mining hardware, including a 3-nanometer Bitcoin mining chip and a supply agreement with Core Scientific. Bitcoin mining remains capital-intensive, with rigs often exceeding $10,000, and profitability is influenced by factors like electricity costs and mining difficulty. The industry response to Proto Rig has been positive, with experts praising its alignment with Bitcoin's decentralized principles. Some mining firms are also diversifying into high-performance computing and AI to enhance revenue. Read more AI-generated news on: https://app.chaingpt.org/news

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