The financial services firm Block has introduced a BTC Conversion Feature for Square Merchants, allowing them to convert their daily sales into Bitcoin using the Cash App. The announcement was made by Block's founder, Jack Dorsey, on the social media platform X. According to the announcement, merchants utilizing Square can now transfer their Square-generated earnings into Bitcoin, ranging from 1-10% of the market valuation of leading crypto asset BTC. It's worth notifiable that Square Merchants can convert their earnings from fiat sales into Bitcoin down to Satoshis.
As per Block's announcement, the daily sales transferred to Cash App's accounts will be converted to BTC from fiat within the same working day. After the conversion is finalized, merchants will receive a confirmation. However, a 1% fee will be charged for this conversion. Notably, Block's Cash App has been quite successful since its launch, consistently attracting users. According to a report, Block's Cash App generated revenue of $14.3 billion in 2023, which was 34.9% higher than the revenue generated in 2022.
The announcement of the BTC Conversion Feature for Square Merchants was followed by Block's declaration of developing a Full Bitcoin Mining System two days later. Indeed, Block had announced two days prior that it had completed the development of three-nanometer chips for BTC mining and is now progressing towards developing a Full Bitcoin Mining System.
Jack Dorsey, the founder of Block firm is developing the Bitcoin Mining System to address challenges faced by mining operators. Their team has engaged with Bitcoin miners, discussing and gathering their insights. In line with their goal to support mining decentralization and based on insights from miners. Block is working on releasing its Full BTC Mining System design with a standalone mining chip.
Block has called upon the mining community to provide additional feedback for the Mining System, including feedback on miner purchases, maintenance, transparency, and software issues. It's worth noting that Block completed a prototype design of a five-nanometer BTC Mining chip in 2023.
In summary according to Coin Gabbar, Block's introduction of the BTC Conversion Feature for Square Merchants, coupled with the announcement of developing a Full Bitcoin Mining System. It also highlights their commitment to advancing Crypto adoption and supporting mining decentralization. These initiatives signify Block's ongoing efforts to innovate and provide comprehensive solutions within the cryptocurrency ecosystem.
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