Jack Dorsey’s Block Notches 90% Surge in Bitcoin Gross Profit, Mining 6,626 Bitcoins in 2023,
In a remarkable financial achievement for 2023, Jack Dorsey’s payment company Block reported a staggering 90% increase in Bitcoin gross profit, successfully mining 6,626 Bitcoins. This notable rise in Bitcoin mining output to 2.5 billion dollars, up 37% from the previous year, contributed significantly to the company’s overall revenue boost. The year also saw a substantial rise in Bitcoin income, reaching 9.5 billion dollars, marking a 34% year-over-year growth, with gross Bitcoin profit surging to 205 million dollars, a 31% increase.
Under Dorsey’s leadership, Cash App aims to become a leading banking service provider for US families earning up to $150,000 annually. Cash App, a versatile mobile payment service, allows users to effortlessly buy, sell, send, and receive Bitcoin with linked cards or cash balances. In the fourth quarter alone, Cash App generated a gross profit of 1.18 billion dollars, up 25% from the previous year, bolstered by the average market price rise of Bitcoin and profit from the increased value of Bitcoin holdings. According to CoinGecko, the company owns 8,027 Bitcoins valued at approximately 413 million dollars at current market rates.
Amrita Ahuja, Block’s COO and CFO, attributed the quarterly earnings improvement to various factors, including the increased Bitcoin gross profit from pricing adjustments made during the quarter. Following the earnings report, which exceeded analysts’ expectations, Block’s stock rose by 5.4%. The company recorded a gross profit of 2.02 billion dollars for the period, up 22% compared to the same quarter in 2022, with the annual gross profit reaching 7.5 billion dollars, 25% higher than the previous year. Block reported an adjusted annual EBITDA of 1.79 billion dollars, surpassing its guidance of 1.66 to 1.68 billion dollars.
