杰克·多尔西（Jack Dorsey）的街区（以前是广场）正在更深入地进入比特币，其中有一些大东西 - 一个名为Proto的开源采矿芯片。

Block的赌注定于2025年推出，它可能会使Bitmain，Microbt和Canaan等巨人多年来统治了3-60亿美元的比特币矿业硬件空间。

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

杰克·多尔西（Jack Dorsey）的街区（以前称为Square）正在更深入地进入比特币，其中有一些大型东西 - 一个名为Proto的开源采矿芯片。

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将于2025年推出，希望改变Bitmain，Microbt和Canaan等巨人多年来统治多年的巨头，以支付3-60亿美元的比特币矿业硬件空间。但这是一个完全在美国建造的芯片，Block首席执行官杰克·多尔西（Jack Dorsey）在公司第1季度的2025年收入电话会议上分享了。

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.

这是尽管持续的关税战争使美国与某些贸易伙伴发生冲突，否则这个问题可能会破坏任何外国制造的筹码的生产和供应。

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，该公司仍在正常，预计不会有任何重大延误。这在很大程度上是由于在美国制造的芯片，可以与供应商进行密切的协调以及任何反馈的快速整合。

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

依靠国内制造商和供应商意味着Block的采矿硬件不会受到全球贸易紧张局势或正在进行的关税战争的影响。

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

Dorsey说：“我们与供应商和制造商有着密切的关系，并且我们正在美国建立。”

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是作为旗舰比特币采矿芯片开发的，但不仅仅是开采。 Dorsey补充说，这是一项完全开源计划的一部分。这意味着开发人员和矿工可以访问设计，提供反馈，甚至在其顶部建立。

“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说：“这是一项完全开源的倡议……使我们能够从社区获得大量反馈，并立即整合任何改进，只是围绕采矿建立了一个全新的开发人员生态系统，这以前从未进行过大规模进行。”

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.

根据Block的说法，芯片的开源性质将为新平台，实验和产品打开大门，以帮助采矿空间的权力下放和创新，这是该规模的首先。

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进入比特币硬件的关键时刻。该公司正在寻求在第1季度表现缓慢的收入来源多样化。

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报告了22.9亿美元的毛利润，同比增长9％。其中大部分来自现金应用程序（13.8亿美元，同比增长10％）和Square（8.98亿美元，同比增长9％）。但是，收益仍然没有预期。

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还将调整后的EBITDA张贴为8.13亿美元，但现金应用程序的增长和每股收益都低于预期，导致公司的股票下跌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.

加上压力，Block将其2025年毛利的利润增长率从15％削减到12％，并以低于华尔街的估计估计的24.5亿美元投资。

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

在一份声明中，该公司引用了宏观经济环境，并减少了消费者支出以进行较弱的指导：

“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.”

“我们正在一个更具动态的宏观环境中运作，因此我们对宏观前景的更加谨慎的立场是我们今年剩余时间的指导。”

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期间，比特币价格下跌，击中了Block的财务状况。该公司在其比特币持有量上发布了9,340万美元未实现的损失，这是从上个季度看到的2.334亿美元的收益率的大幅度。比特币交易的收入也急剧下降，同比下降15.7％，至23亿美元，突出了其加密货币业务的挫折。

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.

尽管如此，杰克·多尔西（Jack Dorsey）并没有退缩。他将公司即将推出的开源比特币采矿芯片Proto定位为周转策略的关键部分。 Proto在美国制造并旨在鼓励开发人员创新，这反映了Block的推动，要求Bitmain，Canaan和Microbt在很大程度上主导了60亿美元的市场。该公司表示，它将在未来几个月内启动新功能，以提高盈利能力并提高下半年的用户保留率。