Jack Dorsey’s blog to focus more on Bitcoin mining instead of TIDAL investments

Jack Dorsey’s blockchain and payments infrastructure company Block Inc. is shifting its focus to developing new tools for Bitcoin miners and improving its self-custodial crypto wallet.

According to the latest shareholder letter, the company plans to reduce its investment in TIDAL, Jay-Z’s former music streaming platform, while liquidating TBD, its Bitcoin-focused unit that sought to create a decentralized internet known as “Web5”.

Interestingly, the announcement of Block’s focus on Bitcoin mining came the same week that Donald Trump won the US presidential election, promising a more crypto-friendly environment in the world’s largest economy .

Trump previously met with Bitcoin mining leaders at Mar-a-Lago in June, bringing together key players from companies such as Marathon Digital and Riot Platforms. During the closed-door meeting, the president-elect expressed his support for Bitcoin mining in the US and criticized the Joe Biden administration’s stance on the cryptocurrency.

Trump later reiterated his belief that Bitcoin should be mined in the US, claiming it would help the country achieve energy dominance and calling for a shift away from foreign mining operations.

Meanwhile, Dorsey’s shareholder letter noted:

“Within our emerging initiatives, we are refining our investments based on our progress. We are reducing our investment in TIDAL and reducing the investment TBD. This gives us room to invest in our bitcoin mining initiative, which has strong product market fit and healthy demand, and Bitkey, our self-custodial wallet for bitcoins.”

In addition to redirecting resources to focus on mining rig development, Block also plans to allocate resources to Bitkey, which happens to be the company’s self-custodial Bitcoin wallet that launched in December 2023.

On the other hand, the cost-cutting efforts come months after layoffs at the fintech company.

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