Block: Proto Plans to Launch Bitcoin Mining Chips Made in the USA This Year to Mitigate Tariff Risks

Block CEO Jack Dorsey stated that the company is manufacturing Bitcoin mining chips, Proto, domestically in the U.S. to address rising tariffs and overseas manufacturing risks. The chip is planned to be launched in 2025, featuring an open-source design that emphasizes flexibility and direct collaboration with U.S. suppliers. Additionally, Block disclosed that its first-quarter gross profit reached $2.29 billion, a 9% year-over-year increase, with Cash App's gross profit rising 10% to $1.38 billion and Square's growing 9% to $898 million.