# Block Ditches Web5 to Bet Big on Bitcoin Mining 💥

**URL:** <https://onehack.st/t/block-ditches-web5-to-bet-big-on-bitcoin-mining/295433>\
**Category:** News & Articles\
**Tags:** business, technology, trading\
**Created:** [November 9, 2024, 5:54pm UTC](https://onehack.st/t/block-ditches-web5-to-bet-big-on-bitcoin-mining/295433 "2024-11-09T17:54:03Z")\
**Posts on this page:** 1\
**Page:** 1

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**Author:** ![TheJoker](https://onehack.st/user_avatar/onehack.st/thejoker/32/22660_2.png) [@TheJoker](https://onehack.st/u/TheJoker)\
**Post date:** [November 9, 2024, 5:54pm UTC](https://onehack.st/t/block-ditches-web5-to-bet-big-on-bitcoin-mining/295433/1 "2024-11-09T17:54:03Z")

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**Summary:**

1. **Web5 Cancellation**  
**Block** , led by **Jack Dorsey** , has scrapped its **Web5** decentralized internet project.

2. **Shift to Bitcoin Focus**  
The company will invest more in **Bitcoin mining** and **Bitkey wallets** , responding to strong market demand.

3. **Tidal Cuts**  
**Block** will reduce its investment in **Tidal music streaming** to prioritize these areas.

4. **Strategic Repositioning**  
The strategic move reflects growing demand for **Bitcoin mining hardware** and self-custody solutions.

**Read more at:** [CoinDesk](https://www.coindesk.com/business/2024/11/07/jack-dorseys-square-to-invest-more-in-bitcoin-mining-and-shut-decentralized-web5-web-venture/)