Ultimately, Dorsey wants to build something that customers use every day. “The end game on bitcoin and cryptos generally, along with potential pitfalls from upcoming regulation, are not well understood,” he said.Īll of these pitfalls have not stopped Dorsey from including Bitcoin in his grand vision of a “super app,” to bring Block’s Bitcoin trading, Afterpay business, peer-to-peer payments and more under one application. The lackluster returns Block has earned from Bitcoin are also not the only matters of concern, said Biggar, noting that impending regulation by the U.S. Block’s Bitcoin investment, which amounted to $220 million invested over 20, is still in the black, but because of falling prices the company also took a $36 million impairment charge on its investment in the second quarter. This came after Bitcoin prices plummeted 50% in Q2 alone, while trading down 66% from its all-time-high of nearly $69,000 last November.Īpart from its Bitcoin profits, falling crypto prices hit the company’s Bitcoin holdings as well. Stephen Biggar, the director of financial services research at Argus Research told Fortune that Bitcoin, “has a very limited impact on profitability, and is not a driver for earnings forecasting.” Biggar pointed out that despite the company’s $1.79 billion in Bitcoin revenue, its Bitcoin costs of $1.74 billion, basically canceled it out, amounting to about 98% of its revenue.īlock’s gross profit from Bitcoin fell to $41 million from the $43 million it recorded in the first quarter. Bitcoin revenue made up about 41% of Block’s overall revenue of $4.4 billion in the second quarter, but it translated into only about 3% of the company’s overall gross profits-a metric that matters more to analysts. The company reported that Bitcoin revenue from Cash App fell to $1.79 billion, down 34% from a year earlier.
In June, Block further added a feature called “round up” which lets a user round up to the nearest dollar when they use their Cash App card and put that spare change into either stocks or Bitcoin.Īnd of course, the company changed its name from Square to Block late last year to show just how dedicated it was to blockchain technology, which underlies Bitcoin.īut in its second quarter earnings released Thursday, Block’s Bitcoin efforts yielded very little. It introduced Bitcoin trading on its payments platform Cash App in 2018 and since then, the company claims that about 10 million users have taken advantage of the feature, according to its second quarter shareholder letter published Thursday. During yesterday’s Block theme’s meeting, a question was raised during the Open floor if the meetings should continue as they currently are.The company, led by vocal Bitcoin advocate Jack Dorsey, has devoted significant resources to making the cryptocurrency a part of its business. Since WP 5.9 was released, block Block Block is the abstract term used to describe units of markup that, composed together, form the content or layout of a webpage using the WordPress editor. The idea combines concepts of what in the past may have achieved with shortcodes, custom HTML, and embed discovery into a single consistent API and user experience. Themes are part of Core Core Core is the set of software required to run WordPress. with TwentyTwenty Two, is it a better use of our time to attend the #core-editor meetings and bring up theme issues / discuss /share progress there instead? The Core Development Team builds WordPress.
Now that the #core-editor meetings have changed their format, and are much more discussion based, it seems like a good moment to make this transition.
#block-based-meeting, #block-based-themes Continuing with these block theme meetings if they still hold value for you in their current form.Ending these meetings and to start participating more in the #core-editor chats, or.Please leave your feedback in the comments by Monday 28 February 2022 if you agree with The block theme meetings have had a decline in participation recently, so now seems to be a good time to consider how best to move forward. I helped kick these meetings off over two years ago now (?), so I have mixed feelings. But I do lean towards ending their current iteration.
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