The firm is redoubling efforts to supply miners as that industry struggles with profits — and Donald Trump promises help.

Jack Dorsey's Block is scaling back its investment in TIDAL, the music streaming platform once owned by Jay-Z, according to a shareholder letter on

Block is redirecting resources toward Bitcoin mining hardware development and away from Web5 and TIDAL initiatives, announcing strong Q3 profits despite missing revenue targets, while securing a major deal with Core Scientific for its new 3nm mining chips.

In a shareholder letter on Thursday, Jack Dorsey’s Block confirmed it is scaling back investment in TIDAL in favor of mining Bitcoin. “We are scaling back our investment in TIDAL and winding down TBD,

Block will place more resources into building equipment for Bitcoin miners. Jack Dorsey’s payment company is scaling back its investments into Tidal and creating Web5.