Jack Dorsey Announces US-Made Bitcoin Mining Chip “Proto,” Expected to Launch This Year

According to DL News, Block CEO Jack Dorsey has just announced that the company is developing a Bitcoin mining chip called “Proto,” which will be manufactured in the US. The goal is to minimize the risks of foreign manufacturing and cope with increasing import taxes. The chip is expected to launch in 2025, using an open-source, flexible design and developed with domestic suppliers.

In addition, Block also announced its first-quarter business results with a gross profit of $2.29 billion, up 9% over the same period last year. Of which, the Cash App application brought in $1.38 billion in gross profit (up 10%) and the Square segment reached $898 million (up 9%).