Block has announced its first customer for its 3nm mining ASICs. The buyer is Core Scientific, a major Bitcoin mining firm. This deal is significant in the history of Bitcoin mining, as it proves Jack Dorsey is a a real visionary far beyond Twitter. Core Scientific will receive chips with 15 exahashes per second (EH/s) capacity. This will boost the company's hash rate by 60% compared to June 2024 levels. The agreement allows for additional volume. Block's Proto team developed the new mining platform. It aims to improve efficiency and reliability for large-scale operations. Core Scientific will be able to optimize its data center resources. Russell Cann, Core Scientific's Chief Development Officer, said the partnership will "define a new paradigm for scaled Bitcoin mining". He believes it will benefit operations and strengthen the Bitcoin network. Core Scientific's stock is up 2% today. It has gained 167% in two months. The rally follows reduced concerns about miner capitulation after April's Bitcoin halving. Block's shares haven't fared as well. They're down 1% today and 12% year-to-date. The stock remains far below its 2021 peak, and that is a bit worrisome for many of the Block's fans. Block completed its Bitcoin mining chip in April. Jack Dorsey, Block's CEO, said it would help miners "survive and thrive" after the fourth halving. Miners feel insecure about halving events, and Dorsey feels this might be a point of interest for customers and investors. Block claims this deal is one of the largest ASIC agreements in Bitcoin mining history. It's a big step for the company's efforts to "democratize Bitcoin mining". But, the company is branching out beyond mining. In March, it launched Bitkey, a hardware wallet for Bitcoin self-custody, which is pretty in line with Dorsey's old passion for Bitcoin maximalism.

The Republican National Committee has unveiled a new party platform. It pledges support for cryptocurrencies. It also opposes central bank digital currencies (CBDCs). Donald Trump promoted the platform on social media. The former president has flip-flopped on crypto. He now positions himself as crypto-friendly. The platform states: "Republicans will end Democrats' unlawful and unAmerican Crypto crackdown and oppose the creation of a Central Bank Digital Currency. We will defend the right to mine Bitcoin, and ensure every American has the right to self-custody of their Digital Assets, and transact free from Government Surveillance and Control." CBDCs are digital versions of national currencies. They're issued and controlled by central banks. Trump's stance on crypto has evolved. He once called digital assets "a disaster waiting to happen." The GOP aims to lead in emerging industries. They see this as a path to "future economic greatness". It's a stark contrast to their previous positions. Trump's shift is strategic. It's part of his bid to raise campaign funds. He's also trying to differentiate himself from President Joe Biden. In 2018, Trump reportedly told his Treasury Secretary to "go after Bitcoin [for fraud]". Now, his 2024 campaign accepts crypto donations. Talk about a U-turn. Could you foresee this? Were there any hints? Most of the analysts were quite surprised. The Winklevoss twins have already chipped in. They donated $2 million worth of Bitcoin to Trump's campaign. That's no small change, and the consequences of this can be bigger than anyone could even imagine. Even the biggest Bitcoin fans, Satoshi's furiest followers, for that matter. And that is no joke.

Santa Monica has established an official Bitcoin office. The city council unanimously approved a pilot program in partnership with Proof of Workforce, a nonprofit organization. The initiative comes at no cost to the city. The office has four primary objectives. These include Bitcoin education, tourism growth through partnerships and conferences, job connections for residents, and exploration of sustainable Bitcoin mining using the city's renewable energy. Vice Mayor Lana Negrete, the initiative's champion, expressed the enthusiasm one could only envy. "As we embark on a journey to learn Bitcoin in Santa Monica, I'm excited to see the following ideas," she said. And every Bitcoin enthusiast should be excited too. "Bitcoin is for everyone!" seems to be the new motto here. And that resembles the approach we have already seen, haven't we? That looks a lot like El Salvador indeed. The Central American nation adopted Bitcoin as legal tender in 2021. It subsequently opened a Bitcoin office, attracting significant investment and tourism, and also promoting the idea that Bitcoin is suitable for everyday use by common citizens, not only nerds. The California city aims to replicate this success. Santa Monica boasts an annual budget of $700 million. In 2023, it welcomed 4.5 million visitors who spent nearly $1 billion here. Recent Bitcoin developments in Santa Monica have gained traction. Firefighters have adopted self-custody of Bitcoin. City leaders have also visited El Salvador to study its Bitcoin adoption firsthand. Everything is going by scenario even Satoshi couldn't have dreamt about, or could he? Santa Monica's initiative validates a growing trend. More cities and countries are positioning themselves as Bitcoin-friendly destinations. Dom Bei, Founder of Proof of Workforce, commented on the development. "The future of Santa Monica is bright orange!" he exclaimed.

ARK Invest CEO Cathie Wood believes Bitcoin's bull market is only halfway through. Her team's analysis suggests the crypto asset still has room to run. So don't be distracted by recent price hurdles, we are still going up, Wood says. Wood shared her insights in a recent YouTube chat with tech entrepreneur Peter Diamandis. She's not mincing words about Bitcoin's potential. "We believe we're halfway through this bull market," Wood stated. Her team's on-chain analytics support this view. However, Wood cautioned that price increases might not be linear. "At the end of a bull market prices tend to go parabolic," she explained. ARK's confidence stems from comparing current on-chain metrics to Bitcoin's decade-long history. Four ARK analysts, including a Bitcoin specialist, contribute to this research. Wood also dropped a bombshell prediction about institutional adoption. She expects a major wirehouse to list spot Bitcoin ETFs soon. "Not one major wirehouse has put a Bitcoin ETF on its platform yet," Wood noted. She listed Morgan Stanley, UBS, Wells Fargo, Bank of America, and Merrill Lynch as examples. But change is coming. "Within the next few months, one will," Wood predicted. She thinks smaller firms might move first. "It may be an independent RIA like LPL," Wood suggested. "They tend to move a little more quickly." Once one firm lists a spot Bitcoin ETF, Wood expects others to follow suit rapidly. This could open the floodgates for wider Bitcoin adoption. At the time of writing, Bitcoin was trading at $57,643, up 3.5% in 24 hours. The market is keeping a close eye on these developments.

The Bitcoin mining industry is facing challenges. This could be a bullish sign for Bitcoin's price, based on historical data. Bitcoin's total hash rate has declined. It dropped from 658 exahashes per second (EH/s) in late May to 556 EH/s on June 28. This data comes from Hashrate Index. Hash rate measures the effort used to secure the Bitcoin network. It also indicates mining competitiveness. The Bitcoin network has responded. It adjusted its block-mining difficulty down 7.8% this weekend. The difficulty dropped from 83.68 terahashes per second (TH/s) to 79.50 TH/s. Such large drops are rare in Bitcoin's history. The last comparable decline occurred in December 2022, after FTX's collapse. That period saw major mining companies default on debts. It also marked Bitcoin's price bottom after a year-long bear market. CryptoQuant CEO Ki Young Ju commented on the situation. "Miner capitulation is still ongoing," he tweeted on Tuesday. He added, "Historically, it ends when the daily average mined value is 40% of the yearly average; it's now at 72%." CryptoQuant recently reported on this trend. Their report noted that "miner capitulation" has historically signaled a bottom in Bitcoin prices. This suggests that monitoring miner health could be crucial for traders. Miners' income depends largely on Bitcoin's market price. The recent price pullback since March has significantly reduced mining industry revenue. The Bitcoin halving in April has been a major challenge for miners. Vincent Maliepaard from IntoTheBlock told Decrypt, "Bitcoin miner reserves decreased by roughly 20k BTC since June. The Bitcoin halving two months ago might be a driver behind the recent miner sell-off as margins have decreased since then." Bitcoin's "hashprice" has hit all-time lows in the past three months. This metric measures mining industry profitability per unit of work. Compass Mining provides some context. They state that such low profitability periods typically last 6 to 12 months after a halving event. These periods often see mining companies upgrading their hardware. CJ Burnett from Compass Mining confirmed this trend. He told Decrypt, "Large public miners are still actively purchasing the latest generation miners to drive fleet efficiency, economies of scale, gross margin, and ultimately their stock price."