Jack Dorsey’s Block Doubles Down on Bitcoin Mining After Trump’s Election Victory

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Jack Dorsey’s company, Block (formerly Square), is increasing its focus on Bitcoin after Trump’s election victory. In a recent report, Block shared plans to double its Bitcoin mining and its self-custody wallet, Bitkey. This move matches Trump’s push to make the U.S. a leader in Bitcoin mining. However, Block recently completed an advanced Bitcoin mining chip and partnered with Core Scientific to support decentralized mining. To focus more on Bitcoin, Block is cutting back on its investments in the music platform Tidal and winding down its Web5 project. Block reported $5.98 billion in revenue for the third quarter, slightly below expectations.