Block Received $ 1.79 Billion From The Sale Of Bitcoin In The Quarter

In the second quarter of 2022, Block ( formerly Square ) generated $1.79 billion in bitcoin sales through the Cash App, generating a gross profit of $41 million for the payment company.

Compared to the same period in 2021, the figures fell by 34.2% and 25.4%, respectively.

“Weakening momentum is driven primarily by lower consumer demand and bitcoin prices, partly related to broader uncertainty around digital assets, ” the company explained.

Block’s combined revenue for the second quarter was $4.4 billion. The firm posted a net loss of $208 million on a gross profit of $1.47 billion.

The company considered the depreciation of the purchased bitcoins for $36 million. The value of investments in the first cryptocurrency as of June 30 was estimated at $160 million, which is $47 million higher than the figure after the revaluation.

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