Block's Risky Shift: Stepping Away from Web5 to Bet Big on Bitcoin Mining Amid Crisis

What happens when Jack Dorsey shifts his focus from Web5 to Bitcoin mining in the middle of a crypto revolution?

Jack Dorsey’s Block (SQ) is taking a major turn by focusing on bitcoin mining equipment and a self-custody crypto wallet. But this decision means stepping away from Web5 and dialing back on investments like Tidal. The timing couldn’t be more critical, as the bitcoin mining industry is facing lower rewards after the recent halving event.

Bitcoin miners are now battling dramatically lower profitability, and the halving event made things worse. With the rewards cut by 50%, miners are feeling the heat. Block's pivot could be the lifeline the industry needs, but it also comes at the cost of abandoning ambitious projects and slowing down its previous investments.

As Dorsey focuses on the future of bitcoin mining, he’s not just adapting to the market but pushing a critical shift in how we view crypto’s potential. With a friendlier political climate for crypto, Block’s move could ignite a new chapter. The question is, will it be enough to revive a struggling industry?

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