Jack Dorsey Views Bitcoin Mining Chip Manufacturing As 'Massive Opportunity' For Block: 'We're Going To Take A Majority Of The Market Share'
Portfolio Pulse from Aniket Verma
Jack Dorsey, co-founder of Block Inc. (NYSE:SQ), expressed optimism about the Bitcoin mining chip market, highlighting Block's technological advantages over market leader Bitmain. Block recently made a significant sale of 3nm mining ASICs to Core Scientific Inc. (NASDAQ:CORZ). Block reported a 20% YoY growth in gross profit for Q2 2024, with Bitcoin gross profit at $67 million. Shares of Block rose 5% in after-hours trading.
August 02, 2024 | 5:10 am
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POSITIVE IMPACT
Core Scientific Inc. recently purchased 3nm mining ASICs from Block Inc., marking one of the largest deals in the industry. This partnership could enhance Core Scientific's mining capabilities and market position.
The significant purchase of advanced mining ASICs from Block Inc. is likely to enhance Core Scientific's operational efficiency and market position, suggesting a positive short-term impact.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 70
POSITIVE IMPACT
Jack Dorsey highlighted Block Inc.'s technological advantages in Bitcoin mining chips, aiming to capture a majority market share. Block reported strong Q2 2024 financials, with a 20% YoY growth in gross profit and significant Bitcoin revenue.
Dorsey's emphasis on Block's technological edge and recent significant sales to Core Scientific indicate strong future prospects. Positive Q2 financials and after-hours stock price increase further support a positive short-term impact.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100