The total investment of Block in bitcoins amounted to $ 1.15 billion at a price of about $ 117,000. Block reported the total revenue of $ 6.05 billion in the second quarter. This is 1.5% more than $ 5.96 billion in the first quarter. The company’s gross profit increased by 8.2%, from $ 2.33 billion to $ 2.54 billion. Of the total revenue, $ 2.14 billion came from the sale of bitcoins through the Cash App, making a gross profit from the first cryptocurrency of $ 66 million.
Block plans to introduce the ability to pay bitcoins through his Square platform – in May, testing of payments through Lightning Network has already begun. The company also took up the development of equipment for mining bitcoins through its Proto division. Last year, Block introduced a mining chip for Bitcoin mining with a 3 Nm process.
The head of the Office Trade Department Hex Trust Sharmaine Tam compared the purchasing strategies of bitcoins by Strategy and Block: the first makes aggressive purchases of a large number of bitcoins for a long time, and the second prefers the gradual accumulation of coins. According to Tam, the second strategy, along with the inclusion of bitcoin in the business operation of the company, allows you to more reasonably integrate cryptoactive with less risks for capital.
In March, Block fired more than 930 employees, explaining this by the need to optimize the organizational structure and increase the efficiency of the company.
Source: Bits
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