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DALTON, Georgia - Block, Inc. (NYSE:XYZ), a $46 billion market cap fintech company with strong financial health according to InvestingPro metrics, introduced its new modular bitcoin mining system, Proto Rig, and a free open-source fleet management software, Proto Fleet, according to a press release statement issued Thursday.
The announcement was made during an event at Core Scientific’s facility in Dalton, Georgia, where Proto Rigs are already being used in mining operations. Core Scientific was previously announced as the first customer for Proto’s chips.
Proto Rig features a modular design allowing operators to upgrade individual hashboards without replacing entire units. The system is designed to extend the typical 3-5 year lifespan of mining hardware to a 10-year infrastructure investment, potentially reducing costs by 15-20% per upgrade cycle.
The hardware also offers tool-free repair capabilities, which the company claims can reduce repair times from hours or days to seconds. Block states the system delivers 1.5 times the power per foot of rack space compared to traditional mining hardware.
Alongside the hardware, Block released Proto Fleet, a fleet management software platform that combines power-scaling, monitoring, diagnostics, and maintenance tools. The software will be available at no cost and is being released as open-source.
"Mining hardware hasn’t really changed in years," said Thomas Templeton, Hardware Lead at Block, in the press release. "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."
The products represent Block’s expansion in the bitcoin mining sector, adding to the company’s existing bitcoin-focused initiatives across its Square, Cash App, Bitkey, and Spiral divisions.
In other recent news, Block Inc. has announced pricing for $2.2 billion in senior notes, increasing the offering size from the initially planned $1.5 billion. This offering includes $1.2 billion in 5.625% senior notes due in 2030 and $1.0 billion in 6.000% senior notes due in 2033. S&P Global Ratings and Fitch Ratings have assigned ratings of ’BB+’ and ’BBB-’, respectively, to a $1.5 billion portion of these senior unsecured notes. The proceeds from this issuance are intended for general corporate purposes, including potential debt repayment and acquisitions. Additionally, Mizuho has raised its price target for Block to $88, citing improvements in Square’s point-of-sale volumes and market share. Argus also increased its price target for Block to $84, reflecting an optimistic profit outlook with a revised gross profit growth expectation of 14% for 2025. These developments highlight the company’s strategic financial maneuvers and positive analyst sentiment.
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