Jack Dorsey’s Block shifts focus to Bitcoin mining hardware.
Q3 revenue of Block falls short at $5.98 billion in revenue.
Jack Dorsey’s payment venture, Block, formerly Square, is making strides in its commitment to Bitcoin mining and its self-custody wallet, Bitkey. In its Q3 2024 shareholder letter, the firm mentioned the demand for its mining initiative, described as having a “strong product market fit.”
This announcement was followed by Trump winning the U.S. presidential election. In light of his promise to provide a more crypto-friendly environment in the U.S. during his election campaign. Bitcoin mining is one of the industries he pledged to support.
Besides, the firm has been focusing on building a decentralized Bitcoin mining ecosystem, having completed the design of a 3-nanometer mining chip earlier this year. A partnership with Core Scientific was also announced to supply bitcoin mining hardware, further scaling the efforts.
Jack Dorsey’s Block res
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