2024

Bitcoin

Block

Billion

<ul>
 <li>The global payment processor Block Inc. is expected to sell $10bn worth of Bitcoin by the end of next year and grow in the digital assets market.</li>  
 <li>The company generated over $ 12.1 billion in the first half of 2024 through selling Bitcoins, subscription services, and hardware.</li>  
 <li>Block’s affiliation with CashApp and its foray into Bitcoin mining demonstrate this expansion and diversification within the cryptocurrency space.</li> 
</ul>  
<p>Block Inc, a digital assets payment company headed by Jack Dorsey, is expected to generate $10bn in Bitcoin revenues by the end of 2024, per HOLD 15 Capital. Block provided this forecast based on its X financial statement, the condensed consolidated statement of operations of the investment firm. Block had increased revenue from Bitcoin, which could indicate the company's success in the cryptocurrency market.</p>  
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  https://twitter.com/HODL15Capital/status/1827543197712617680
 </div>
</figure>  
<p>During the first half of 2024, Block recorded more than $5.3 billion in Bitcoin revenues. This significant figure means Block's service is used to facilitate Bitcoin transactions. The information unveiled in the company's unaudited financial report indicates a total revenue of over $12.1 billion for the same period. This breakdown shows that $3.2B of this revenue is from transaction-based sources, $3.4B from subscriptions and services, and$75.4million from hardware.</p>  
<h2 class="wp-block-heading" id="h-substantial-annual-revenue-increase">Substantial annual revenue increase.</h2>  
<p>Block’s total revenue for the first half of 2024 was significantly higher than that of the same period in the previous year by more than $1 billion. This growth demonstrates the company’s growing presence in digital payments. Moreover, Block had 1 billion U.S. dollars worth of Bitcoin for its users as of June 2024, which proves Block’s participation in the cryptocurrency market.</p>  
<p>Some of the factors that have been associated with<a href="https://block.xyz/" target="_blank" rel="noopener noreferrer nofollow"> Block’s</a> revenue rise include its CashApp collaboration. This service under Block enables people to make payments through a mobile application. In April 2021, Block and <a href="https://cryptonewsland.com/cash-app-now-allows-people-to-use-bitcoin-via-lightning-network/" target="_blank" rel="noopener noreferrer nofollow">CashApp</a> introduced a new integration that allows selected merchants to convert a percentage of their daily sales into Bitcoin. This collaboration is to help business owners easily engage in the global monetary system.<br></p>  
<p>Beyond the payment processing services, Block has started to create a full-fledged <a href="https://cryptonewsland.com/blockfi-sells-160-million-bitcoin-btc-mining-loans/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin </a>mining solution. This involves designing specific chips and outlining a strategy to move to the design of entire systems. Such efforts signify Block’s expansionist strategy within the cryptocurrency industry, which may lead to the company’s expansion in the coming years.</p> 
<p>The post <a href="https://cryptonewsland.com/block-inc-on-track-to-hit-10-billion-in-bitcoin-sale/" rel="noopener noreferrer nofollow">Block Inc. on Track to Hit $10 Billion in Bitcoin Sale</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.</p>

Block Inc. on Track to Hit $10 Billion in Bitcoin Sale

Table of Contents

Crypto News Land

Other articles published on Aug 25, 2024

Telegram Founder Pavel Durov Arrested: Toncoin and Notcoin Crashed -20%

Toncoin (TON) Plummets 19% Amid Reports About Telegram CEO’s Arrest in France

Stake DAO Liquid Locker Achieves 75% Growth, Reaches 113M $CRV Locked

Analyst Sees Altcoins Following 2014-2018 Bullish Pattern After Mid-Cycle Correction

Wormhole and Arweave Up Over 10% In Past Weeks Trading, Rollblock Tipped To Be Next To Follow

BlockDAG’s TG Tap Miner Reward System vs. Dogs Mini App & Battle Bulls: Battling for the Pinnacle

Join our free newsletter for daily crypto updates!