09:04 AM EDT, 07/10/2024 (MT Newswires) -- (Updates with additional details in the second through fourth paragraphs, stock movement in fifth paragraphs)

Block (SQ) said Wednesday it has agreed to supply Core Scientific ( CORZ ) with its new 3-nanometer mining application-specific integrated circuit chips for large-scale mining operations.

The bitcoin mining chips represent a hashrate of about 15 exahashes per second, the companies said.

They said that their agreement includes the "option for additional, significant volume."

Financial terms of the deal were not disclosed.

Shares of Block were up 0.5%, while Core Scientific ( CORZ ) rose 3.4% in recent premarket activity.

Price: 64.82, Change: +0.31, Percent Change: +0.48