Jack Dorsey’s Block set to release new Bitcoin mining chips next week

Proto Mining, an initiative built by Jack Dorsey-led Block, will launch new Bitcoin mining chips next week that it believes will help democratize the mining ecosystem, said Amrita Ahuja, the company’s chief financial officer, in a Friday interview with CNBC’s ‘Squawk Box.’

Dorsey also hinted at the launch on X yesterday. The Bitcoin advocate recently generated headlines for the rollout of Bitchat, a decentralized messaging application.

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The move comes months after Block completed the development of a three-nanometer Bitcoin mining chip designed to enhance efficiency and decentralization in Bitcoin mining. The company aims to become a unique provider of large-scale, well-capitalized mining hardware.

From Cash App to BitKey, Dorsey and his team at Block are building a full-stack Bitcoin ecosystem. Ahuja told CNBC today that Block views Bitcoin as more than an asset.

“We think Bitcoin can be the open protocol that powers the internet.” It can move at the speed of the Internet. And we as a company can move faster,” she said. “Our customers, the efficiency at which their money can move across jurisdictions is much greater when Bitcoin is powering money for the internet.”

Ahuja said Bitcoin may start as “digital gold” but has the potential to evolve into a usable currency, and the company intends to help make that shift happen.

According to her, eight million Block customers have bought or sold Bitcoin through the Cash App platform. The company is planning on enabling Bitcoin payments for Square sellers, with thousands already signed up for the service.

“We think it’ll likely be small to start, but it’s something that we’re super excited to see ramp over,” she said.