Square, led by Jack Dorsey, will increase its investment in Bitcoin Mining and shut down its previous "Web5" project

According to Jinse Finance, Jack Dorsey’s payment company Block (SQ) plans to refocus on developing devices for BTC (Bitcoin) miners and self-hosted encryption wallets. Part of the funding comes from abandoning the creation of a new decentralized Internet called “Web5” (established in June 2022) and reducing investment in the music streaming app Tidal. This decision was announced in the same week as Trump’s victory in the US presidential election. He promised to provide a more friendly Cryptocurrency environment for the United States, and BTCMining is an industry he promised to support during his campaign. In addition to the letter to shareholders, Block also released its financial results for the third quarter on Thursday. According to FactSet, the company’s revenue was $5.98 billion, lower than the Wall Street analyst average expectation of $6.24 billion. Subsequently, the company’s stock price fell by as much as 10%.