Jack Dorsey's payment firm Block (SQ) plans a renewed focus on building equipment for bitcoin {{BTC}} miners and its self-custody crypto wallet, funded partly by giving up on creating a new decentralized internet dubbed "Web5" and investing less in music streaming app Tidal.

Jack Dorsey, the ex-Twitter CEO company Block is shifting its focus to mining Bitcoin, as prices jumped after Trump became president-elect.

The number of employees expected to be impacted by the planned cut is said by the sources to be significant, although an exact number could not be ascertained. Employees at Tidal, developer platform TBD, and other parts of the company are said to be in for cuts. A spokeswoman for Block declined to comment.

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.

The payments and blockchain infrastructure company says it will reallocate resources to focus on mining equipment development.

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.

According to a shareholders’ letter from the Jack Dorsey-led payment company Block, from November 7, the company will venture more into Bitcoin mining and the Block self-custody wallet, Bitkey. The company will abandon its Web5 internet project,