Block will place more resources into building equipment for Bitcoin miners. Jack Dorsey’s payment company is scaling back its investments into Tidal and creating Web5.

Block is redirecting resources toward Bitcoin mining hardware development and away from Web5 and TIDAL initiatives, announcing strong Q3 profits despite missing revenue targets, while securing a major deal with Core Scientific for its new 3nm mining chips.

According to a shareholders’ letter from the Jack Dorsey-led payment company Block, from November 7, the company will venture more into Bitcoin mining and the Block self-custody wallet, Bitkey. The company will abandon its Web5 internet project,