Block Inc., formerly Square, is shifting focus to Bitcoin mining hardware development and discontinuing Web5, its decentralized internet project. The company also plans to reduce its investment in Tidal, a music streaming platform it acquired in 2021. Block has completed development of a 3nm mining chip and secured a deal with Core Scientific, one of the largest publicly traded Bitcoin mining firms.
As part of its commitment to the cryptocurrency sector, Block will reinvest 10% of its Bitcoin profits into BTC purchases through 2024.
