#cryptonews
With Bitcoin price hovering near $76,000, Block aims to strengthen its role in the crypto ecosystem by partnering with mining firm Core Scientific and developing a 3-nanometer mining chip. This shift aligns with the U.S. administration’s supportive stance on Bitcoin, potentially enhancing infrastructure and security in the Bitcoin network.
Jack Dorsey’s Block (formerly Square) is refocusing its strategy by halting its Web5 project and reallocating resources to Bitcoin mining.
To fund these initiatives, Block is discontinuing its decentralized “Web5” project and reducing investments in Tidal, its music streaming service. This strategic pivot aligns with the recent U.S. administration’s pro-crypto stance, as newly re-elected President Trump has pledged support for Bitcoin mining.
Bitkey, a self-custody wallet developed by Jack Dorsey’s company Block (formerly Square), is shifting its focus toward Bitcoin mining equipment.
Block’s intensified investment in Bitcoin mining could strengthen mining infrastructure, improve network security, and stimulate interest in Bitcoin investments, potentially supporting BTC price growth.
Block has partnered with Core Scientific, a major Bitcoin mining firm, to utilize its mining rigs and has also developed a 3-nanometer mining chip.