Block, Inc. is doubling down on its bitcoin mining hardware business as President-elect Donald Trump’s presidential win opens the crypto industry to a potentially more favorable environment for the crypto mining sector.
The payments and blockchain infrastructure company led by Jack Dorsey announced in a published shareholder letter Thursday that it would reallocate resources to focus on mining equipment development.
Trump’s campaign promises to support bitcoin mining in the US come at a critical time for the sector, which has faced profitability challenges following the recent halving event, which reduced mining rewards by half to 3.125 BTC.
It comes as Block prepares to scale back its investments in TIDAL, a music streaming platform it…
Nov 08 2024
