Block claimed the reduced bitcoin revenue in Q4,2022 resulted from the crypto market collapse that occurred last year.
Block – an American multinational technology conglomerate founded by Jack Dorsey – disclosed $1.83 billion of bitcoin revenue generated from its Cash App payment service in Q4, 2022.
“The total sale amount of bitcoin sold to customers, which we recognize as bitcoin revenue, was $1.83 billion, down 7% year over year.” The firm explained the dwindling comes as a result of the crypto market crash last year. Bitcoin started 2022 trading at around $47,000 and finished at approximately $16,500 .Contrary to the bitcoin-related figures, Block’s overall financial results were quite impressive. Its gross profit for the entire 2022 tapped almost $6 billion, $1.66 billion of which were recorded in Q4. This has been the most successful quarter after Q1 accounted for $1.29 billion, Q2 – $1.47 billion, and Q3 – $1.
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