Block Inc, Jack Dorsey's payment powerhouse, is on a roll. Its Bitcoin revenue hit $2.61 billion in Q2 2024. That's a 9% jump year-on-year, a pretty nice result for one of the most prominent Bitcoin maximalist. Yes, that's who Jack Dorsey, ex-chief of Twitter, really is nowadays. Total net revenue? A cool $6.16 billion. Up 11% from 2023. Block's bread and butter isn't just Bitcoin. Strip that out, and revenue still climbed 13% to $3.54 billion. Cash App, Block's mobile payment service, is killing it. It raked in $4.13 billion. Bitcoin transactions alone netted $67 million in gross profit. That's up 52% from last year. Why the surge? Bitcoin's price, mostly. The crypto's been on a tear, up over 45% in 2024. It's trading at $64,777 as we speak. Block's not just facilitating trades. They're hodling too. They've got 8,211 BTC on their books. That's worth $515 million. But it's not all sunshine and rainbows. Block took a $70 million hit on their Bitcoin holdings. Still, things are looking up. Total gross profit jumped 20% to $2.23 billion. Net income? $195 million. That's nearly double last year's $102 million. Block's got big plans. In May, they announced a $2 billion debt offering. They're sitting on a $10.3 billion war chest. What's the endgame? Debt repayment, acquisitions, strategic moves. Block's not messing around. The crypto rollercoaster's been good to Block. But can they keep the momentum going? Only time will tell.

Jack Dorsey, co-founder of Twitter and Block, has shared his bold vision for Bitcoin's future. At a recent gathering in Tuscany, Italy, Dorsey outlined his belief in the cryptocurrency's potential to reshape global finance. He thinks Bitcoin is supposed to defeat the king of all the human money, the American dollar himself. Dorsey anticipates a significant shift in Bitcoin's role, first of all because of the change of the usage pattern. He expects it to evolve from a store of value to a widely used currency in the West. "It's going to take some time," Dorsey stated. "It's not 10 years, it might be 15. Little by little, people see the value of this system [and] why it's so powerful." The tech entrepreneur sees Bitcoin potentially dethroning the US dollar. He believes it could become the world's primary payment method. "It could potentially... complement or replace the U.S. dollar, which rules everything," Dorsey said. He sported a Satoshi Nakamoto t-shirt and gold chain during the talk. Dorsey emphasized the need to reduce dependence on government-issued currencies. He specifically mentioned the US dollar and Chinese yuan. "These are two entities that control the value of your money, and you don't elect them," Dorsey explained. "Whereas [with] Bitcoin, you have a lot more control and a lot more free agency." This isn't Dorsey's first bullish statement on Bitcoin. We all remember what Dorsey said back in May when BTC was struggling to hold to it's all time high, Dorsey predicted its price would hit $1 million by 2030. Dorsey's company, Block, is putting its money where its mouth is. They're reinvesting 10% of gross profits from Bitcoin-related products into the cryptocurrency. Dorsey keep buying Bitcoin at all times, at all prices, regardless of where the winds blow. However, it's not all smooth sailing. Block is reportedly under investigation by US prosecutors for alleged crypto-related compliance issues.

Block has announced its first customer for its 3nm mining ASICs. The buyer is Core Scientific, a major Bitcoin mining firm. This deal is significant in the history of Bitcoin mining, as it proves Jack Dorsey is a a real visionary far beyond Twitter. Core Scientific will receive chips with 15 exahashes per second (EH/s) capacity. This will boost the company's hash rate by 60% compared to June 2024 levels. The agreement allows for additional volume. Block's Proto team developed the new mining platform. It aims to improve efficiency and reliability for large-scale operations. Core Scientific will be able to optimize its data center resources. Russell Cann, Core Scientific's Chief Development Officer, said the partnership will "define a new paradigm for scaled Bitcoin mining". He believes it will benefit operations and strengthen the Bitcoin network. Core Scientific's stock is up 2% today. It has gained 167% in two months. The rally follows reduced concerns about miner capitulation after April's Bitcoin halving. Block's shares haven't fared as well. They're down 1% today and 12% year-to-date. The stock remains far below its 2021 peak, and that is a bit worrisome for many of the Block's fans. Block completed its Bitcoin mining chip in April. Jack Dorsey, Block's CEO, said it would help miners "survive and thrive" after the fourth halving. Miners feel insecure about halving events, and Dorsey feels this might be a point of interest for customers and investors. Block claims this deal is one of the largest ASIC agreements in Bitcoin mining history. It's a big step for the company's efforts to "democratize Bitcoin mining". But, the company is branching out beyond mining. In March, it launched Bitkey, a hardware wallet for Bitcoin self-custody, which is pretty in line with Dorsey's old passion for Bitcoin maximalism.