Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets
The decision was revealed the same week that Donald Trump won the U.S. presidential election, promising a far-friendlier environment in the world's largest economy for crypto. Bitcoin mining was an industry he pledged while campaigning to foster — likely welcomed news to a business suffering from dramatically lower profitability following the so-called"We are scaling back our investment in TIDAL and winding down TBD .
Alongside the shareholder letter, Block reported third-quarter financial results on Thursday. Its revenue of $5.98 billion, missed the average estimate from Wall Street analysts of $6.24 billion, according to FactSet data. The company's stock price sank as much as 10% in the aftermath. Block doesn't mine bitcoin, but sells equipment to firms that do. Its initiatives include building its own mining computer. The payments firm said in April that itof a 3-nanometer mining chip, which it had been working on since April 2023. In July, one of the largest bitcoin miners, Core Scientific , said it will use Block'sin March.
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