Jinse Finance reported that Twitter co-founder Jack Dorsey's payment company Block (SQ) plans to refocus on creating devices for Bitcoin (BTC) miners and its self-custody crypto wallets, with part of the funding coming from abandoning the creation of a new decentralized internet called 'Web5' (established in June 2022) and reducing investment in the music streaming app Tidal. This decision was announced in the same week that Trump won the U.S. presidential election, where he promised to provide a more crypto-friendly environment in the U.S., with Bitcoin mining being one of the industries he pledged to support during his campaign. In addition to a letter to shareholders, Block also announced its third-quarter financial performance on Thursday. According to FactSet data, the company's revenue was $5.98 billion, below Wall Street analysts' average expectation of $6.24 billion. Subsequently, the company's stock price fell by as much as 10%.