"We are scaling back our investment in TIDAL and winding down TBD [the business developing Web5]. This gives us room to invest in our bitcoin mining initiative, which has strong product market fit and a healthy pipeline of demand, and Bitkey, our self-custody wallet for bitcoin."
"The growth of our company has far outpaced the growth of our business and revenue." Block's restructuring plans indicate a focus shift toward areas with higher demand and growth potential.
"Bitcoin mining was an industry he pledged while campaigning to foster - likely welcomed news to a business suffering from dramatically lower profitability following the so-called halving earlier this year, which cut mining rewards by 50%."
Block doesn't mine bitcoin, but sells equipment to firms that do. Its initiatives include building its own mining computer, which includes the development of a 3-nanometer mining chip.
Collection
[
|
...
]