Block Will Increase its Investment in Bitcoin Mining
Block, a payment company founded by Jack Dorsey, is shifting its focus to building equipment for Bitcoin miners and its self-custody crypto wallet.
This decision comes as they abandon their plans to create a new decentralized internet called “Web5” and reduce their investments in music streaming app Tidal.
This announcement was made during the same week as the US presidential election, with the victory of Donald Trump, who is seen as being more supportive of the crypto industry.
This could be good news for Block, as they have seen a decrease in their profits due to the halving that occurred earlier this year, which reduced mining rewards by 50%.
“We have decided to scale back our investment in Tidal and our business venture for Web5, called TBD.
