Block’s BTC Revenue Reached $2 Billion In Last Quarter: Report

BLock’s BTC revenue from the Cash app reached $2 billion in the last quarter and the profits increased as well so let’s find out more in today’s latest Bitcoin news.

The Block’s BTC revenue reached $2 billion in the last quarter but the company hasn’t mentioned any plans to expand to other cryptocurrencies. Cash App, like the popular mobile payment service developed by Block, became a very popular choice for purchasing BTC. According to the earnings reports, the company garnered $1.96 billion in BTC revenue during the fourth quarter of 2021. The figure came from page 10 of the earnings reports that show tht block Generated .
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08 billion in net revenue in q4 and the company said it had $2.12 billion in revenue excluding BTC which means about half of the company’s inflows were thanks to the Cash App’s BTC purchasing service, marking a 12% increase in BTC revenue year over year.

With that said, only 2% of those revenues translated into profits for Block and the percentage is about equal to the transaction fee that Block charges on the average BTC purchase. This garnered about $46 million in profits for the company. In 2021, Cash App reports just over $10 billion in BTC revenue and $218 million in gross profit from selling the coins. The company cited BTC price appreciation as the main driver for the increase alongside the growth of BTC users but 2022 tells a different story so far with the price of BTC being stuck below $40,000 and active addresses are on the decline.

The asset’s poor performance after hitting $69,000 has been a bad blow for Block’s balance sheet. After purchasing $50 million o fBTC in Q4 in 2020, and another $170 million in Q1 2021, the company was forced to report a $71 million impairment loss for the year. Cash app started allowing users to buy and sell BTC with their balances in 2017 but the company refused to allow access to other cryptocurrencies since then.

This is maybe because of the CEO Jack Dorsey’s rejection of other cryptocurrencies in favor of BTC and Dorsey even publicly criticized Ethereum and web3 as a concept.

As recently reported, Dorsey said the company was looking into building a BTC mining system and it is now putting together a new team to build it. Jack Dorey’s Block gets into Bitcoin mining and Dorsey let loose the financial services company and its ideas to build a mining system earlier. Three months after making this comment, the company is slowly making the idea come true and Dorsey confirmed it in a tweet response to Block general manager of hardware Thomas Templeton.