Jack Dorsey’s Block Shifts Focus to Bitcoin Mining Amid Trump's Crypto Promises

Quick Summary:

The payments and blockchain infrastructure company says it will reallocate resources to focus on mining equipment development.

Block posted strong Q3 2024 results Thursday, with gross profit up 19% to $2.25 billion year-on-year, led by Cash App's $1.31 billion and Square's $932 million contributions.

Block's strategic pivot follow a previous announcement in January that it would slash 10% of its workforce by the end of the year, citing company growth outpacing business and revenue expansion.

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Article Details

Author / Journalist: Vince Dioquino

Category: Crypto

Markets: Estonia

Topics: Business Bitcoin mining Donald Trump Crypto mining Jack dorsey Block inc 2024 election Square

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-11-08 @ 01:46:51 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: decrypt.co

Language: English

Article Length: 463 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 26 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Decrypt

News ID: 23466665

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About Decrypt

Main Topics: Crypto

Official Website: decrypt.co

Update Frequency: 4 posts per day

Year Established: 2018

Headquarters: Estonia

News Last Updated: 16 hours ago

Coverage Areas: Estonia

Ownership: Independent Company

Publication Timezone: GMT +8:00

Content Availability: Worldwide

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #63

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