Latest news with #ProtoRig
Forbes
3 days ago
- Business
- Forbes
Bitcoin Mining Gets A Major Power Boost. Here's What Comes Next
The U.S. bitcoin mining industry just got its most disruptive upgrade yet. On August 14, 2025, Block unveiled Proto Rig, a modular, repairable, and upgradable bitcoin mining system, alongside Proto Fleet, a free and open-source fleet management software platform. The announcement took place at Core Scientific's bitcoin mining facility in Dalton, Georgia, where Proto Rigs are already in use. It comes at a high point for the industry, just one day after Bitcoin hit a record $124,457.12 and 24 hours after crypto exchange Bullish's explosive IPO. Proto is owned by Block, co-founded by Jack Dorsey, the creator of Twitter (now X). Block's portfolio includes Square, Cash App, Afterpay, Tidal, and Bitkey. The timing could not be more telling. Institutional enthusiasm for digital assets is rising, and the U.S. regulatory climate has grown friendlier, even as the economics of mining face more pressure from bitcoin's quadrennial halving. In this environment, Block's launch of mining hardware and software reads as a deliberate bid to address the industry's deepest pain points. Chinese Bitcoin Mining Hardware Giants Shift To U.S. Production Amid Tariffs For more than a decade, the global bitcoin mining hardware market has been overwhelmingly dominated by Chinese manufacturers such as Bitmain and MicroBT, whose ASIC rigs account for the vast majority of machines in operation worldwide. These units are known for high hash power but typically designed as short-lived, single-use machines that are expensive to replace, difficult to repair, and offer little flexibility for upgrades. The three largest Chinese bitcoin mining manufacturers are setting up U.S. production to avoid newly imposed tariffs from President Donald Trump. Together, they control over 90% of the global market, raising U.S. security concerns about reliance on Chinese hardware in critical crypto infrastructure. Block's Proto Rig Promises Decade-Long Lifespan And Game-Changing Mining Efficiency Proto Rig flips the current model on its head, offering a 10-year lifespan with modular hashboards, 90-second tool-free repairs, and upgrades on the operator's schedule. It delivers 1.5 times the power efficiency per foot of rack space and is compatible with both modern and legacy infrastructure, eliminating costly retrofits. 'Mining hardware hasn't really changed in years,' said Thomas Templeton, Block's hardware lead. 'Machines break often, are hard to repair, expensive and time-consuming to upgrade, and don't make the most efficient use of power or space. With Rig, we set out to change all of that — and contribute to hardware decentralization in the process.' By treating mining equipment as infrastructure instead of disposable gear, Block is giving operators a way to smooth capital expenditures over a longer period. For miners facing revenue cuts every four years, the ability to extend the lifecycle of a rig from three to five years to a decade could prove transformative. Free Open-Source Proto Fleet Software Launches To Modernize Bitcoin Mining Operations Proto Fleet promises to be just as groundbreaking as the hardware. This open-source software brings power scaling, diagnostics, monitoring, and maintenance into one streamlined platform. It is free for any miner to use, with or without Proto hardware. 'Mining hasn't really caught up with advances in software more broadly,' Templeton said. 'We saw an opportunity to make mining software something modern that improves operational efficiency instead of unnecessarily complicating things.' Open-sourcing Proto Fleet means anyone from large-scale operations to small independent miners can build on it, customize it, and improve it for the broader community. It marks a clear break from the closed and opaque software models that have long dominated the space. Proto Takes On Chinese Dominance In Bitcoin Mining Hardware U.S.-based Block is challenging the long-standing monopoly Chinese companies have held over bitcoin mining hardware, a dominance that has fueled security and supply chain concerns. While Proto has not disclosed its manufacturing locations, the move could open the door to new competitors, spur innovation, lower costs, and lessen reliance on a single source for critical mining infrastructure. How Bitcoin Miners Survive The 2028 Halving The mining business is uniquely cyclical. Every four years, the bitcoin halving cuts block rewards in half, instantly reducing miner revenue unless offset by higher bitcoin prices or operational efficiencies. The next bitcoin halving is scheduled for April 2028. Proto Rig's efficiency gains and lifecycle extension directly address this challenge. Lower repair costs, minimal downtime, and the ability to upgrade hashboards instead of entire units help miners preserve margins in a tightening reward environment. The open-source Proto Fleet software further supports this by streamlining operations and optimizing energy usage. Combined, these factors could make the difference between profitability and shutdown for some operators, especially in competitive energy markets. Potential Ripple Effects For The U.S. Bitcoin Mining Industry The debut of Proto Rig and Proto Fleet has the potential to shift dynamics in the bitcoin mining sector. If the hardware gains traction, it could encourage competition in a market long dominated by Chinese manufacturers, possibly lowering prices and expanding options. More durable and efficient rigs might help U.S. miners grow operations and reduce reliance on overseas supply chains. By offering open-source, free-to-use software, Block could also lower barriers for smaller miners, which may foster greater network decentralization and inspire advances in efficiency and energy integration. Bitcoin Record High And Bullish NYSE Debut Set The Stage For Proto's Newest Launch The unveiling of Proto Rig and Proto Fleet comes amid strong momentum in the crypto industry. Just a day earlier, Peter Thiel-backed exchange Bullish, led by former NYSE president Tom Farley, began trading on the NYSE, raising $1.1 billion. Pair that with Bitcoin's new all-time high, and Block's timing is ideal. The company is positioning itself not just as a hardware maker but as a strategic infrastructure provider for Bitcoin's next phase of growth, for all the players in the mining industry. 'What's Good For Bitcoin Is Good for All of Us' The energy at Proto's launch made it clear that Jack Dorsey and his team know how to deliver game-changing moments for Bitcoin. 'What's good for Bitcoin is good for all of us,' Thomas Templeton said in closing, summing up the ethos behind Proto's design. For miners, Proto Rig and Proto Fleet may offer a path to higher uptime, lower costs, and greater operational control. For U.S. based miners, this pivotal design advancement marks a shift toward open, collaborative innovation and away from reliance on a single country's manufacturing base. In a market grappling with shrinking margins and mounting energy scrutiny, the launch underscores that the sector's next significant advancements may be forged in the open.
Yahoo
3 days ago
- Business
- Yahoo
Jack Dorsey's Block Reveals Modular Bitcoin Mining Rigs That Can Be Upgraded
Jack Dorsey's fintech Block has released its latest Bitcoin product: a long-lasting mining rig with swappable parts, which will enable miners to cut costs on repairing and replacing the high-powered computing devices. Announcing the product Thursday, Block said the machine, dubbed Proto Rig, will last 10 years instead of the typical three-to-five-year lifespan. Proto Rig's design means that engineers can upgrade individual parts of the machine—like hashboards—without buying a new rig entirely. Block said that the new rig would cut costs for miners by 15-20% each upgrade cycle. "Machines break often, are hard to repair, expensive and time-consuming to upgrade, and don't make the most efficient use of power or space," Thomas Templeton, hardware lead at Block, said in a statement. "With Rig, we set out to change all of that—and contribute to hardware decentralization in the process." The new product comes as the cost of mining has increased and the rewards for verifying transactions on the blockchain have become more difficult to earn. Last year's halving cut the payoff for miners to 3.125 BTC from 6.25 BTC. Mining is notoriously difficult and energy consuming, with industrial miners running warehouses full of mining rigs. In its most recent quarter, MARA Holdings, the world's largest company in the category by BTC mined, reported a 505% increase in net income, and other miners reported strong results—but these companies have benefited from the price gains of their Bitcoin holdings. The underlying challenges they face are likely to continue, experts say, and a number of these firms have already pivoted their resources toward AI; or in the case of BitMine Immersion and Bit Digital, become Ethereum treasuries. U.S. President Donald Trump has said that he wants all future Bitcoin minted in the States—a likely impossible task. Many mining machines are made in China, but Dorsey has said he wants to change that by producing them in the U.S. Dorsey, who founded Twitter (now X) before leaving in 2021 to focus his efforts on payments and Bitcoin adoption, has said he wants the virtual coin to be the global currency. He has also described Satoshi Nakamoto's Bitcoin white paper as "poetry." Square Begins Bitcoin Payments for Sellers as Block Stock Hits S&P 500 Block's other companies—like Square and Cash App—have released Bitcoin products, including a crypto hardware wallet, Bitkey. Square's payment terminals also allow merchants to accept Bitcoin payments, though that feature is still rolling out broadly. Block's stock (NYSE: XYZ) was trading about 1% lower on Thursday, according to Yahoo Finance. The company, which joined the S&P 500 in July, is up more than 10% over the past month but down over 12% year-to-date. Bitcoin was recently trading at about $118,200, down nearly 3% over the past 24 hours after hitting a new all-time high mark above $124,000 on Wednesday. The largest cryptocurrency by market cap has risen more than 25% since the start of 2025. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
4 days ago
- Business
- Yahoo
Jack Dorsey wants to make Bitcoin mining as reusable as SpaceX rockets
Jack Dorsey wants to make Bitcoin mining as reusable as SpaceX rockets originally appeared on TheStreet. Jack Dorsey is trying to do for Bitcoin mining what Elon Musk did for rockets. His company Block has launched Proto Rig and Proto Fleet, a hardware and software package designed to make mining machines reusable, upgradable and far more efficient than anything on the market today. Before SpaceX changed the game, rockets were disposable. Each launch was a one-way trip, with hardware burning up in the atmosphere or falling into the ocean. Musk's team spent years working toward a different model. In December 2015, a Falcon 9 rocket successfully landed its first stage back on Earth after delivering satellites to orbit. The breakthrough meant the same rocket hardware could be launched again and again, dramatically cutting costs. Proto Rig applies that same principle to Bitcoin mining. Most miners today use shoebox-style rigs such as the Antminer S21 or WhatsMiner M60 that last about three to five years before becoming obsolete. Upgrading usually means replacing the entire machine, which can cost thousands of dollars per unit and generate large amounts of e-waste. Proto Rig instead uses a modular design. The hashrate-producing boards can be swapped out while the rest of the machine keeps running. Block says it is as simple as loading a dishwasher. This keeps racks online, avoids shipping heavy equipment, and extends the lifespan of a mining unit to about ten years. The company claims operators could save up to 20 percent per upgrade cycle. Bitcoin mining is getting harder Bitcoin mining works like a giant global lottery where miners compete to solve cryptographic puzzles. The more computing power, or hashrate, a miner has, the greater their chances of winning the block reward. In April 2024, the fourth Bitcoin halving cut rewards from 6.25 BTC to 3.125 BTC. That slashed revenue for miners at a time when the network's mining difficulty reached record highs above 83 trillion, according to profits tighten, efficiency is everything. A typical Antminer S21 produces about 200 terahashes per second at an efficiency of 17.5 joules per terahash. Proto Rig aims to improve space and power efficiency by fitting three miners' worth of boards into the footprint of two, producing 1.5 times more power per rack foot than top-tier shoebox machines. It also works with both modern and legacy electrical systems, maximizing available capacity. The software factor Hardware is only part of the problem. Large mining operations often run thousands of machines spread across multiple sites. Managing them requires juggling different software tools for diagnostics, power scaling and maintenance. Proto Fleet is Block's attempt to streamline that. It is a free, open-source platform that consolidates these functions into a single dashboard. It can run on-premises, in the cloud or in a hybrid setup, aiming to cut downtime and reduce troubleshooting time. Why this could be a game changer Post-halving, the mining business is a race for efficiency. Miners who can squeeze the most hashrate out of the least amount of electricity and capital will be the ones who survive. SpaceX proved that reusability can change an industry. Rockets like the Falcon 9 booster have now flown more than 20 times, slashing the cost per launch and making commercial spaceflight viable at scale. If Proto Rig and Proto Fleet deliver on their promises, Bitcoin mining could see a similar shift. Instead of a constant cycle of buying and scrapping hardware, miners could invest in long-lived infrastructure that is easy to upgrade and maintain. The result could be a more decentralized network, lower entry costs for new players and less electronic waste. Jack Dorsey wants to make Bitcoin mining as reusable as SpaceX rockets first appeared on TheStreet on Aug 15, 2025 This story was originally reported by TheStreet on Aug 15, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
5 days ago
- Business
- Business Wire
Block Unveils Proto Rig and Proto Fleet, Marking a New Era in Bitcoin Mining
DALTON, Ga.--(BUSINESS WIRE)-- Block, Inc. (NYSE: XYZ) today unveiled Proto Rig, a first-of-its-kind modular bitcoin mining system, and Proto Fleet, a free and open-source fleet management software. The announcement, made during an event held at Proto customer Core Scientific's facility in Dalton, GA, where Proto Rigs are mining as part of their fleet, represents a significant step toward decentralizing bitcoin mining hardware, opening access to more builders, and increasing network resiliency. These mark the first two end-to-end releases by Proto, Block's suite of bitcoin mining products and services, following its initial chip sale to Core Scientific. Proto Rig: Durable, repairable, upgradeable infrastructure Moving away from disposable hardware models, Proto Rig is designed to be infrastructure—a paradigm shift that solves many existing pain points for miners and signals the company's long-term commitment to the industry. Proto Rig's modular design lets operators upgrade individual hashboards without replacing entire units, transforming what has historically been a 3-5 year disposable asset into a 10-year infrastructure investment, reducing costs by 15-20% each upgrade cycle. It also allows for easy, in-place, tool-free repair, turning a process that can take hours, days, or weeks into one that takes seconds, saving miners valuable time and resources. 'Mining hardware hasn't really changed in years,' said Thomas Templeton, Hardware Lead at Block. ' Machines break often, are hard to repair, expensive and time-consuming to upgrade, and don't make the most efficient use of power or space. With Rig, we set out to change all of that–and contribute to hardware decentralization in the process.' With unmatched power density and maximum miner uptime, Proto Rig delivers 1.5 times the power per foot of rack space compared to traditional mining hardware. Designed to be compatible with modern and legacy infrastructure, Proto Rig gives mining operators the power to maximize efficiency in their existing facilities without requiring extensive retrofitting, addressing long-standing challenges in power utilization and lifecycle management. Proto Fleet: Comprehensive, open source, and free Alongside Proto Rig, Block also announced Proto Fleet, comprehensive, open-source fleet management software that brings together power-scaling, monitoring, diagnostics, and maintenance tools in a single, intuitive platform. 'Mining hasn't really caught up with advances in software more broadly,' said Templeton. ' We saw an opportunity to make mining software something modern that improves operational efficiency instead of unnecessarily complicating things.' Proto Fleet brings together many functionalities that have historically required their own, individual pieces of software to manage, helping miners streamline operations, maximize uptime, and minimize time spent troubleshooting. A big part of Proto's effort to decentralize mining, Proto Fleet will be available for anyone to use, at no cost, giving mining operators of all sizes access to powerful fleet management software. All of these advancements together—on-rack, tool-free repairability, high-quality components, swappable hashboards, and backwards compatibility—mean more uptime across install, repairs, upgrades, and ultimately the life of the machine. The reveal of both products builds on Block's long track record of building transformational technology and rounds out the company's broader commitment to bitcoin across Square, Cash App, Bitkey, and Spiral. For more information about Proto Rig and Proto Fleet, visit About Proto Proto Global, LLC, as an affiliate of Block, Inc. is Block's suite of bitcoin mining products and services. Its mission is to decentralize mining by increasing access to tools for builders, regardless of their size or location. By entering the mining hardware space, Proto is taking a key step toward that goal. Learn more at About Block Block, Inc. builds technology to increase access to the global economy. Each of our brands unlocks different aspects of the economy for more people. Square makes commerce and financial services accessible to sellers. Cash App is the easy way to spend, send, and store money. Afterpay is transforming the way customers manage their spending over time. TIDAL is a music platform that empowers artists to thrive as entrepreneurs. Bitkey is a simple self-custody wallet built for bitcoin. Proto is a suite of bitcoin mining products and services. Together, we're helping build a financial system that is open to everyone.
