Crypto Currency

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

Key Takeaways Block’s Proto Mining will launch new Bitcoin mining chips next week to democratize mining. Block’s Cash App platform shows strong growth in Bitcoin transactions and financial services. Share this article Proto Mining, an initiative built by Jack Dorsey-led Block, will launch new Bitcoin mining chips next week that it believes will help democratize

Published 2 weeks ago in
Jack Dorsey’s Block set to release new Bitcoin mining chips next week

Key Takeaways

  • Block’s Proto Mining will launch new Bitcoin mining chips next week to democratize mining.
  • Block’s Cash App platform shows strong growth in Bitcoin transactions and financial services.

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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.

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.

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Crypto Currency

Bitcoin Price Explodes as Fed Chair Powell Opens the Door for Rate Cuts in September

BTC had retraced to under $112,000 before the speech…

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Bitcoin Price Explodes as Fed Chair Powell Opens the Door for Rate Cuts in September

BTC had retraced to under $112,000 before the speech…
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Crypto Currency

Bitcoin reclaims $116K, Ether, XRP push higher after Fed’s Powell hints at possible rate cuts

Key Takeaways Bitcoin surged above $116,000 following Federal Reserve Chair Powell’s signal of possible rate cuts. Powell emphasized a data-driven approach to monetary policy, citing resilience in the economy and ongoing inflation concerns. Share this article Bitcoin climbed over 3% on Friday to trade above $116,000 as optimism in crypto markets picked up after Federal

Published 1 hour ago in
Bitcoin reclaims $116K, Ether, XRP push higher after Fed’s Powell hints at possible rate cuts

Key Takeaways

  • Bitcoin surged above $116,000 following Federal Reserve Chair Powell’s signal of possible rate cuts.
  • Powell emphasized a data-driven approach to monetary policy, citing resilience in the economy and ongoing inflation concerns.

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Bitcoin climbed over 3% on Friday to trade above $116,000 as optimism in crypto markets picked up after Federal Reserve Chair Jerome Powell gave a cautious signal that the central bank could move toward lowering interest rates.

Speaking at the Fed’s Jackson Hole event, Powell noted that inflation is still “somewhat elevated” but has eased substantially from post-pandemic highs.

The Fed is facing a delicate balance, he said, with upside pressures on inflation and downside pressures on employment. He added that the current policy rate is closer to neutral and the labor market is stable, giving the Fed room to proceed cautiously.

“The baseline outlook and the shifting balance of risks may warrant adjusting our policy stance,” Powell said.

“Monetary policy is not on a preset course. FOMC members will make these decisions based solely on their assessment of the data and its implications for the economic outlook and the balance of risks,” Powell stressed.

According to the central bank leader, tariffs could push inflation higher, but the base case is that price increases will be short-lived. The Fed remains vigilant against stagflation and is committed to its 2% inflation target.

Powell’s remarks quickly lifted crypto and stock markets as investors read the speech as more dovish than expected.

Bitcoin hit $116,000 after retreating below $112,000 earlier this week in anticipation of Powell’s hawkish stance, while other major crypto assets also moved higher following the speech.

Ethereum jumped 7% to $4,600. XRP, Solana, and Chainlink each gained over 6%, while Dogecoin and Cardano rose around 8% on the speech.

The total crypto market capitalization surpassed $4 trillion, rising by 2% in a day.

Traders are now overwhelmingly betting the Fed will deliver a quarter-point rate cut in September, with odds lifting to nearly 90% from just 75% in the previous session, according to FedWatch Tool data.

Odds of Fed cutting rates rose to 89%

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Crypto Currency

Eric Trump plans to attend key Metaplanet vote on Bitcoin capital strategy

Key Takeaways Eric Trump plans to attend Metaplanet’s key shareholder vote in Tokyo focused on Bitcoin capital strategy. Metaplanet has accumulated over $2 billion in Bitcoin, with its shares surging 140% this year. Share this article Eric Trump, a member of Metaplanet’s Strategic Board of Advisors, plans to visit Tokyo next month to attend the

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Eric Trump plans to attend key Metaplanet vote on Bitcoin capital strategy

Key Takeaways

  • Eric Trump plans to attend Metaplanet’s key shareholder vote in Tokyo focused on Bitcoin capital strategy.
  • Metaplanet has accumulated over $2 billion in Bitcoin, with its shares surging 140% this year.

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Eric Trump, a member of Metaplanet’s Strategic Board of Advisors, plans to visit Tokyo next month to attend the company’s key shareholder meeting, Bloomberg reported Friday, citing people familiar with the plan.

US President Donald Trump’s son will first join the Bitcoin Asia conference in Hong Kong as a keynote speaker on August 28-29.

Metaplanet is set to vote on new capital raising methods at the meeting scheduled for September 1, 2025. The vote will focus on approving additional financing tools, including preferred stock issuances, which could raise billions in capital for Bitcoin acquisitions.

The Japanese Bitcoin treasury firm Metaplanet has accumulated approximately 18,888 Bitcoin since initiating its accumulation strategy. The stash is now worth over $2 billion with Bitcoin trading at $111,700 according to TradingView.

Shares of Metaplanet slipped slightly in Tokyo on Friday, though the stock has still gained roughly 140% so far this year, Yahoo Finance data show.

In March, Metaplanet appointed Eric Trump to its advisory board, enhancing its strategic direction in Bitcoin treasury management with the goal of amassing 10,000 BTC by year-end.

The visit comes amid expanding Trump family involvement in crypto.

American Bitcoin, supported by Eric Trump and Donald Trump Jr., is considering purchasing companies in Japan and Hong Kong to expand its crypto treasury operations, the Financial Times reported last week.

However, no definitive acquisition agreements have been confirmed by the company.

American Bitcoin is set to go public through a reverse merger with Gryphon Digital Mining.

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Crypto Currency

Crypto Carnage Crosses Continents: Billions Flee US ETFs as Australian Bitcoin Funds Tumble

The crypto market looks wobbly once again. After well over a week of major downturns, yesterday appeared to signal a recovery rally. Alas, it was not to be, and the market has moved further south today. After reaching an all-time high of US$124,457 (AU$193,764) on 14 August…

Published 1 hour ago in
Crypto Carnage Crosses Continents: Billions Flee US ETFs as Australian Bitcoin Funds Tumble

The crypto market looks wobbly once again. After well over a week of major downturns, yesterday appeared to signal a recovery rally. Alas, it was not to be, and the market has moved further south today. After reaching an all-time high of US$124,457 (AU$193,764) on 14 August…
Read More

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