傑克·多爾西（Jack Dorsey）的街區（以前是廣場）正在更深入地進入比特幣，其中有一些大東西 - 一個名為Proto的開源採礦芯片。

Block的賭注定於2025年推出，它可能會使Bitmain，Microbt和Canaan等巨人多年來統治了3-60億美元的比特幣礦業硬件空間。

Jack Dorsey’s Block (formerly called Square) is going deeper into Bitcoin with something big — an open-source mining chip named Proto.

傑克·多爾西（Jack Dorsey）的街區（以前稱為Square）正在更深入地進入比特幣，其中有一些大型東西 - 一個名為Proto的開源採礦芯片。

Set to launch in 2025, Block’s hopes to shake up the $3–$6 billion Bitcoin mining hardware space, where giants like Bitmain, MicroBT, and Canaan have ruled for years. But it’s a chip that’s also being built entirely in the U.S., Block CEO Jack Dorsey shared during the company’s Q1 2025 earnings call.

Block將於2025年推出，希望改變Bitmain，Microbt和Canaan等巨人多年來統治多年的巨頭，以支付3-60億美元的比特幣礦業硬件空間。但這是一個完全在美國建造的芯片，Block首席執行官傑克·多爾西（Jack Dorsey）在公司第1季度的2025年收入電話會議上分享了。

That’s despite the ongoing tariff war that has seen the U.S. clash with some of its trading partners, an issue that could otherwise disrupt the production and supply of any foreign-made chips.

這是儘管持續的關稅戰爭使美國與某些貿易夥伴發生衝突，否則這個問題可能會破壞任何外國製造的籌碼的生產和供應。

However, with Proto, Dorsey said the company is still on track and doesn’t anticipate any major delays. This is largely due to the chip being made in the U.S., allowing for close coordination with suppliers and rapid integration of any feedback.

但是，借助原始的Dorsey表示，該公司仍在正常，預計不會有任何重大延誤。這在很大程度上是由於在美國製造的芯片，可以與供應商進行密切的協調以及任何反饋的快速整合。

Relying on domestic manufacturers and suppliers means Block’s mining hardware won’t be impacted by global trade tensions or the ongoing tariff war.

依靠國內製造商和供應商意味著Block的採礦硬件不會受到全球貿易緊張局勢或正在進行的關稅戰爭的影響。

“We have very close relationships with our vendors and manufacturers, and we are building in the United States,” said Dorsey.

Dorsey說：“我們與供應商和製造商有著密切的關係，並且我們正在美國建立。”

Proto is being developed as a flagship Bitcoin mining chip, but it’s not just about mining. Dorsey added that it’s part of a completely open-source initiative. That means developers and miners can access the design, provide feedback, and even build on top of it.

Proto是作為旗艦比特幣採礦芯片開發的，但不僅僅是開採。 Dorsey補充說，這是一項完全開源計劃的一部分。這意味著開發人員和礦工可以訪問設計，提供反饋，甚至在其頂部建立。

“This is a completely open-source initiative… allowing us to get a lot of feedback from the community and also integrate any improvements right away and just build an entirely new developer ecosystem around mining which has not been done at scale before,” Dorsey said.

Dorsey說：“這是一項完全開源的倡議……使我們能夠從社區獲得大量反饋，並立即整合任何改進，只是圍繞採礦建立了一個全新的開發人員生態系統，這以前從未進行過大規模進行。”

According to Block, the chip’s open-source nature will open the door to new platforms, experiments, and products, aiding in the decentralization and innovation of the mining space — a first at this scale.

根據Block的說法，芯片的開源性質將為新平台，實驗和產品打開大門，以幫助採礦空間的權力下放和創新，這是該規模的首先。

Block’s push into Bitcoin hardware comes at a critical time. The company is looking to diversify its revenue streams after a sluggish Q1 performance.

Block進入比特幣硬件的關鍵時刻。該公司正在尋求在第1季度表現緩慢的收入來源多樣化。

For the first quarter of 2025, Block reported $2.29 billion in gross profit, a 9% year-over-year increase. Most of this came from Cash App ($1.38 billion, up 10% YoY) and Square ($898 million, up 9% YoY). However, earnings still fell short of expectations.

在2025年的第一季度，Block報告了22.9億美元的毛利潤，同比增長9％。其中大部分來自現金應用程序（13.8億美元，同比增長10％）和Square（8.98億美元，同比增長9％）。但是，收益仍然沒有預期。

Block also posted adjusted EBITDA of $813 million, but both Cash App’s growth and earnings per share came in lower than anticipated, causing the company’s stock to plunge by 21.20%.

Block還將調整後的EBITDA張貼為8.13億美元，但現金應用程序的增長和每股收益都低於預期，導致公司的股票下跌21.20％。

Adding to the pressure, Block slashed its 2025 gross profit growth forecast from 15% to 12% and shared a Q2 projection of $2.45 billion, below Wall Street’s estimates.

加上壓力，Block將其2025年毛利的利潤增長率從15％削減到12％，並以低於華爾街的估計估計的24.5億美元投資。

In a statement, the company cited the macroeconomic environment and reduced consumer spending for the weaker guidance:

在一份聲明中，該公司引用了宏觀經濟環境，並減少了消費者支出以進行較弱的指導：

“We are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year.”

“我們正在一個更具動態的宏觀環境中運作，因此我們對宏觀前景的更加謹慎的立場是我們今年剩餘時間的指導。”

The drop in Bitcoin’s price during Q1 hit Block’s finances hard. The company posted a $93.4 million unrealized loss on its Bitcoin holdings — a big swing from the $233.4 million gain it saw just last quarter. Revenue from Bitcoin trading also fell sharply, down 15.7% year-over-year to $2.30 billion, highlighting a setback for its crypto business.

Q1期間，比特幣價格下跌，擊中了Block的財務狀況。該公司在其比特幣持有量上發布了9,340萬美元未實現的損失，這是從上個季度看到的2.334億美元的收益率的大幅度。比特幣交易的收入也急劇下降，同比下降15.7％，至23億美元，突出了其加密貨幣業務的挫折。

Despite this, Jack Dorsey isn’t pulling back. He’s positioning the company’s upcoming open-source Bitcoin mining chip, Proto, as a key part of the turnaround strategy. Made in the U.S. and designed to encourage developer innovation, Proto reflects Block’s push to claim a part of the $6 billion market that Bitmain, Canaan, and MicroBT have largely dominated. The company says it’s launching new features in the coming months to improve profitability and boost user retention for the second half of the year.

儘管如此，傑克·多爾西（Jack Dorsey）並沒有退縮。他將公司即將推出的開源比特幣採礦芯片Proto定位為周轉策略的關鍵部分。 Proto在美國製造並旨在鼓勵開發人員創新，這反映了Block的推動，要求Bitmain，Canaan和Microbt在很大程度上主導了60億美元的市場。該公司表示，它將在未來幾個月內啟動新功能，以提高盈利能力並提高下半年的用戶保留率。