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SCPH-550X & 5552 Series
To install a MOD chip into your console you will require a 15 watt pencil tip soldering iron, a Phillips (star) head screwdriver, electrical tape and a small storage container for loose parts. Take your time and read all of the following instructions in full before beginning your install.
1. Disconnect all power and A/V cords from your PlayStation. Ensure all devices including memory cards, controllers and/or compact discs are removed from the system. Turn the unit upside-down and remove the black case screws. Store screws in container and turn the unit right side up. Slowly remove the top half of the console case and set it aside.
2. The CD laser assembly is to be removed next. Begin by locating the ribbon cable connecting the lens assembly to the main board. Firmly grip the large white base that is attached to the main board while gently pulling upward on the ribbon cable to remove it from the base connector. Be very careful with this cable as it extremely fragile. Once the ribbon cable is free, disconnect the remaining connecting cables from the board. If the connectors are plugged in very tight, gently rock them left and right until they are unplugged from their base.

Remember: always grip the connecting base before removing the plug from it.

3. Once all connectors are cleared, gently remove the lens assembly. To do this gently grasp either side and lift it straight up, off of the mounting posts. Be careful not to touch the exposed glass lens or drop the assembly. Set the CD laser assembly aside.
4. Next, remove the brass colored screws that secure the heavy metal plate covering the main board. Gently lift this steel plate from the system and set aside.
CAUTION: Before handling the circuit board touch a piece of grounded metal to remove any static charge from your body as these components are static sensitive.
5. Remove the screws securing the rear edge of the circuit board and gently lift it from the case and set case aside. 
6. Flip the main board over (THE MOD CHIP IS INSTALLED ON THE BOTTOM OF THE MAIN BOARD). Using the provided picture compare it to the board to identify the area in which the chip is to be installed.
7. The MOD chip is now ready to be soldered (see board diagram link below) onto the main board. To start you should have a fine tip, low temperature soldering iron (15 watt is ideal). Using the silver solder provided, quickly touch the iron to the solder and form a small ball of solder on the iron tip. Place the exposed MOD chip wire end on the proper solder pad and quickly touch the iron tip to the same pad. The solder will now bond the wire to the contact pad. To complete the wiring, attach the other remaining wires to the indicated soldering pads (color coded) using the same procedure as above. 
NOTE: With the 550x PlayStation series, you will be required to solder only one green wire. Leave the black tape on the second green wire and fold it out of the way.

CAUTION: Due to the heat involved in soldering you must only hold the tip on the pad for enough time to allow the solder to flow. If too much heat is applied to the contact it may damage the chip, lift the PCB trace or burn the insulation back on the wire. If you burn the wire insulation off of the wire, trim and re-solder the connection. Removing too much insulation could result in the exposed copper wire touching other traces on the board. This is hazardous to the PlayStation unit.
Click Here To Display Board Diagram
8. IMPORTANT: Once all of the wires are attached, visually inspect the board to ensure that none of your retouched solder pads are touching any adjacent traces, that there is no excess solder on the board and all connections are clean and tight. Carefully re-solder any contacts that you suspect may not be making a clean connection. You can now tape the MOD chip on the board in a clear area where it will not be damaged.
After double-checking all connections, follow the above steps in reverse order to re-assemble the PlayStation.

Once you have completely re-assembled the unit, plug in your power source and video outputs. Power up the PlayStation. Test the unit FIRST with an original game. If your system boots successfully with your original disc then your install is correct and complete!