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Bitcoin profits on Block’s Cash App dropped slightly from the first quarter of 2023 but remain up 7% from this time last year. Shares in payment technology firm Block Inc. tumbled after hours despite its second-quarter results beating earnings expectations, including a 34% year-on-year increase in Bitcoin (BTC) revenue . In a Q2 earnings call, Block reported a whopping $2.4 billion in Bitcoin sales on its Cash App platform, with gross profit from Bitcoin sales coming in at $44 million, a 7% increase from the same time last year. Block’s revenue for the quarter increased 25.6% from $4.4 billion to $5.53 billion year over year, meaning nearly half came from Bitcoin sales alone. Our Q2 earnings are now available. $SQ https://t.co/oGcnRuzFb3 — Block Investor Relations (@BlockIR) August 3, 2023 The company attributed the increase in Bitcoin revenue to customers continuing to purchase the crypto asset despite a decline in price over the course of the last year. “The year-over-year incr...

Jack Dorsey, the Twitter co-founder, made a commitment to support bitcoin developers by pledging $5,000,000. The funds will be distributed over a span of five years, with an annual contribution of $1,000,000, as stated by Brink’s recent announcement on Twitter. More support for bitcoin Block CEO Jack Dorsey and his philanthropic organization Start Small have committed to a substantial $5 million donation to Brink, an organization established in 2020, dedicated to providing fellowship and grant programs aimed at bolstering the community of open-source bitcoin developers and engineers. In addition to notable crypto advocate Jack Dorsey, digital asset companies like Nexo have also contributed to Brink as part of their initiatives to support bitcoin developers. Brink took to Twitter on June 14 to announce that Dorsey and Start Small will contribute $1 million annually over the next five years as part of their ongoing efforts to fund developers.  Honored to receive a very...

In December 2022, Dorsey made a case for a de central ized alternative to Twitter . The former executive of the social media platform underlined Twitter ’s censorship issues and then went on to talk about the importance of a “free and open protocol” for social media. A couple of days later, Dorsey donated around 14 BTC, worth about $245k at that time, to enhance the development of Nostr (Notes and Other Stuff Transmitted by Relays). The application is an open protocol that intends to create an anti-censorship global social network. The protocol does not depend on a trusted central server. In the contrast, all its users run a client. Users publish content by writing a post and signing it with their private key. On the other hand, to share content or distribute messages, relays are used. In a victory for Decentralization enthusiasts, the aforementioned social networking protocol went live on Apple’s app store. Jack Dorsey ’s involvemen...