Jack Dorsey's payment firm Block is shifting its focus towards building equipment for bitcoin miners and enhancing its self-custody crypto wallet, Bitkey. This decision comes as the company scales back investments in its music streaming service, Tidal, and winds down its venture called TBD, which aimed to create a decentralized internet referred to as Web5. The restructuring follows the recent U.S. presidential election, where Donald Trump’s victory is expected to benefit the crypto industry as he has pledged support for bitcoin mining. Block's recent quarterly results showed revenues of $5.98 billion, falling short of Wall Street's expectations. Although Block doesn't mine bitcoin, it plans to produce its own mining computers, leveraging a new 3-nanometer mining chip developed earlier this year. The self-custody wallet Bitkey is designed to connect with Block's Cash App and Coinbase to facilitate bitcoin transactions.

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