Press Release Today TheBitTimes.com

Twitter founder Jack Dorsey has once again seemingly embraced digital assets as he has made a sizeable investment into a decentralized Bitcoin mining firm. Indeed, the co-founder of the platform now known as X led a $6.2 million funding round for the parent company of mining pool Ocean. The firm is working to enable miners to get block rewards from Bitcoin itself. Dorsey is a well-known name in the tech space, mostly for his creation of Twitter. The social media platform became one of the most popular in the world under Dorsey’s direction. Yet, he sold the platform to Elon Musk in 2022 and has begun to carve out a space for himself within the digital asset sector. Also Read: Comparing Jack Dorsey ’s Block vs. Elon Musk’s PayPal For Q2 2023 Jack Dorsey Makes Big Investment Into Decentralized Bitcoin Mining The digital asset industry has long been a leader among the plethora of tokens available to consumers. However, the distance has begun to extend even further, as Bit...

Block, Inc. reported a significant 37% increase in Bitcoin revenue in Q3 2023, reaching $2.42 billion, with an overall net revenue boost of 24% to $5.62 billion year-over-year. Block, Inc., spearheaded by Jack Dorsey, has made headlines with a notable 37% surge in Bitcoin (BTC) revenue in Q3 of 2023, amassing $2.42 billion as opposed to the $1.77 billion reported in the same quarter of last year. This leap in revenue is paralleled by a 22% increase in Bitcoin gross profit, escalating from $37 million in Q2 2022 to $45 million in Q3 2023. The uptick in revenue stems from two key factors: a higher average market price of Bitcoin and a spike in the volume sold through Block’s Cash App. Such growth indicates a robust customer demand within Block’s ecosystem. Additionally, Block has witnessed an appreciation in its corporate treasury’s Bitcoin holdings. Despite cumulative impairment charges, the carrying value of its Bitcoin investment reached $102 million, whereas...