According to PANews, Block CEO Jack Dorsey has announced that the company is developing a Bitcoin mining chip, Proto, within the United States. This initiative aims to address increasing tariffs and risks associated with overseas manufacturing. The chip, set to be released in 2025, will feature an open-source design, emphasizing flexibility and direct collaboration with U.S. suppliers.
In addition, Block has reported its first-quarter financial performance, achieving a gross profit of $2.29 billion, marking a 9% increase from the previous year. The Cash App segment saw a 10% rise in gross profit to $1.38 billion, while Square experienced a 9% growth, reaching $898 million.
