Key Takeaways
- Jack Dorsey confirmed Bitcoin payment integration is in progress for Square and Bitkey.
- Block holds 8,485 BTC valued at over $700 million.
- Block is developing a full Bitcoin mining system after completing a 3nm mining chip.
Jack Dorsey, co-founder of Block Inc., has confirmed that Bitcoin payments are actively being developed for both Square and Bitkey, the company’s hardware wallet.
Responding to user inquiries on X, Dorsey emphasized that the process isn’t “a simple flip of a switch,” but assured that progress is being made.
Overview of Block’s portfolio
Block, formerly known as Square, operates a broad portfolio including Square, Cash App, Afterpay, Tidal, Bitkey, and Proto.
Bitkey, launched in late 2023, is a self-custody hardware wallet designed to let users store and manage their Bitcoin independently of third-party platforms.
Commitment to Bitcoin infrastructure
Though Dorsey offered no timeline, the update aligns with Block’s long-standing commitment to Bitcoin infrastructure.
The company is among the largest public holders of Bitcoin, with 8,485 BTC—currently valued at over $700 million.
Focus on Bitcoin mining
Block is also doubling down on Bitcoin mining.
In a shareholder letter last November, the company revealed it had completed a cutting-edge three-nanometer Bitcoin mining chip and is now working toward building a complete mining system.
This includes hardware and software components, leveraging Block’s experience in supply chain logistics and system design.
Scaling back other projects
To focus on these efforts, Block has scaled back on other projects, including the music platform Tidal and its decentralized web initiative TBD, both of which have experienced layoffs in recent months.
