• Its gross profit for the second quarter of 2023 was $1.87 billion, up 27% year over year.
• Bitcoin revenue was up 34% over the same time in 2022.

Block Inc., a company that facilitates Bitcoin payments, has announced that its gross profit for the second quarter of 2023 was $1.87 billion, up 27% year over year. In addition, Bitcoin accounted for $2.4 billion of the firm’s reported $5.5 billion in net revenue during the second quarter.

Bitcoin revenue for the business previously known as Square was up 34% over the same time in 2022. There was a 39% rise in Bitcoin revenue for Block’s Cash App business to $1.16 billion from the same time in 2022. The corporation claimed that the revenue would have contributed even more to the bottom line if it hadn’t been for a drop in pricing.

Promoting Bitcoin Adoption

The firm explained the rise in revenue and gross profit from Bitcoin revenue to clients as the reason for the increase, despite the fact that the average market price of Bitcoin fell over the same time period.

The $245 million worth of Bitcoins held by the corporation as of June 30, 2023, were not subject to any impairment losses over the three or six-month periods ending June 30, 2023. Jack Dorsey, co-founder of Twitter, also started the payment processing business Block. Cash App, its mobile app, is widely used to purchase and sell Bitcoin.

The Lightning Network, a “second-layer solution” for Bitcoin, was integrated into the app last year, enabling users to perform instant, low-value cryptocurrency transactions. This action exemplifies the firm’s dedication to promoting Bitcoin adoption.

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