Jack Dorsey's Square will increase investment in Bitcoin mining and shut down its previous 'Web5' project.

On November 8th, according to Coindesk, Twitter co-founder Jack Dorsey’s payment company Block (SQ) plans to refocus on creating devices for BTC miners and self-hosted encryption wallets, with some of the funds coming from abandoning the creation of a new decentralized internet called ‘Web5’ (established in June 2022), and reducing investment in the music streaming application Tidal. This decision was announced in the same week as Trump’s victory in the US presidential election, where he promised to provide a more crypto-friendly environment for the US, with BTC mining being one of the industries he promised to support during his campaign. In addition to the shareholder letter, Block also released its financial performance for the third quarter on Thursday. According to FactSet data, the company’s revenue was $5.98 billion, below the Wall Street analysts’ average expectation of $6.24 billion. Subsequently, the company’s stock price fell by 10% at one point.