Block Develops Bitcoin Mining Chip Amidst Tariff Challenges

Block CEO Jack Dorsey has announced the company’s plan to launch its Bitcoin mining chip, Proto, in the United States, aiming to counter growing trade barriers and manufacturing risks. The open-source chip, slated for release in 2025, will prioritize flexibility and direct collaboration with U.S.-based suppliers. In a separate development, Block reported strong financial results for Q1 2023, with the Cash App segment seeing a 10% increase in gross profit to $1.38 billion, while Square experienced a 9% growth reaching $898 million.