Block (formerly Square), the cryptocurrency company founded by Jack Dorsey, reported profits in the fourth quarter of 2021. The company made $ 1.96 billion in revenue from bitcoin sales through the Cash App, and the gain of Block is estimated to be $ 46 million.
The company earned $ 4.08 billion in revenue during the fourth quarter (the figure increased by 29 percent compared to the same period last year). Thus, bitcoin sales via the application accounted for nearly half of Block’s revenue. The primary drivers of financial indicator growth Block refer to the Cash Card offer and payment services for Square ecosystem users.
Additionally, the company cited the acquisition of Australian installment service Afterpay as a positive factor in the growth of financial services.
After the fall rebranding, Block combined Square, the CashApp software, the decentralized bitcoin exchange tbDEX project, and Tidal’s music and video streaming network. In order to broaden economic possibilities, every business is committed to utilizing Bitcoin as a payment method.
Block’s plans to build bitcoin mining equipment were made public in January. Bitcoin enthusiast and well-known supporter of decentralization Jack Dorsey said: “I want to encourage the decentralisation of mining the first cryptocurrency.”
According to a report, Square is looking into building an open-source bitcoin mining chip for consumers and businesses all across the world. The more decentralized this method is, the more robust the Bitcoin network becomes.