2024-11-09
Jack Dorsey's company, Block (formerly
known as Square), is shifting its focus to Bitcoin mining and its self-custody
crypto wallet. Block sells Bitcoin mining equipment to miners.
They plan to increase investments in
mining infrastructure and supply miners with advanced equipment. This move
comes as the mining industry faces challenges like rising costs and fluctuating
profits.
At the same time, Block is shutting
down its decentralized "Web5" project and investing less in TBD,
which was aimed at creating a new internet platform.
Web5 combines Web3 principles with decentralized identity (DID) and data storage, focusing on creating a truly user-centric web. Its goal is to decentralize identity and data ownership, empowering users to take control of their digital presence without depending on intermediaries.
This decision to invest less in Web5 is
part of their strategy to streamline operations and focus on more profitable
ventures.
