Odaily Planet Daily News X Platform co-founder Jack Dorsey's payment company Block (SQ) announced that it will refocus on the development of Bitcoin mining equipment and self-custody crypto wallets, with part of the funding coming from abandoning its 'Web5' decentralized internet project and reducing investment in Tidal music streaming. This decision was announced alongside the news of Trump winning the U.S. presidential election, where Trump promised to create a more favorable environment for the cryptocurrency industry, including support for Bitcoin mining. Block's third-quarter financial report showed that the company's revenue was $5.98 billion, falling short of Wall Street's expected $6.24 billion, resulting in a 10% drop in stock price.