Block Restructures to Prioritize Bitcoin Mining
Jack Dorsey’s Block (formerly Square) announced it will shift focus to Bitcoin mining and its self-custody wallet Bitkey, winding down efforts on its Web5 venture. The decision comes as Donald Trump’s election win has sparked optimism for pro-crypto policies, including support for Bitcoin mining.Investing in Mining Hardware and Self-Custody
Block has been building equipment for Bitcoin miners, including a 3-nanometer mining chip designed to increase efficiency in the mining process. The company will also continue developing Bitkey, which integrates with Block’s Cash App and Coinbase for easy Bitcoin transactions.Navigating Profitability Challenges in Mining
This strategic shift reflects Block’s efforts to address profitability challenges in the mining industry, with Trump’s administration promising a supportive environment. Dorsey’s renewed focus underscores his commitment to Bitcoin, positioning Block to capitalize on anticipated regulatory changes.
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