Rapper Jay-Z has shown love for leading cryptocurrency Bitcoin (CRYPTO: BTC) in the past and even used the crypto to help set up non-profits and community projects like The Bitcoin Academy, which

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

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

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 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.

Square shifts focus to Bitcoin mining amid Trump’s crypto-friendly election win, potentially boosting BTC mining stability.

The former Twitter boss and Square founder cuts music streaming platform Tidal’s staff, seeking to restore the leaner, hungrier form of its early days.

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,