NewsletterBlock (SQ) Enables Square Merchants to Convert Sales to Bitcoin
Highlights
- Block (SQ) new initiative that lets businesses that use Square's products turn a portion of their daily sales into Bitcoin.
- According to Block, in the upcoming months, all sole proprietors and single-member LLCs will have access to the Bitcoin conversion feature.
- Just yesterday, Block (SQ) completed the development of the much-awaited Bitcoin mining chip.
Block (SQ) has provided its Square merchants with brand-new assistance in converting a portion of their daily sales to Bitcoin. The company that created Cash App, Square, and other services, just revealed a new initiative that lets businesses that use Square’s products turn a portion of their daily sales into Bitcoin.
Block’s Sales to Bitcoin Initiative Rolls Out in The US
According to reports, Block’s (SQ) new services will be rolled out beginning today. The service will be available to Square vendors in the United States. It will allow them to deposit 1–10% of their daily sales into their Cash App account.
According to Block, in the upcoming months, all sole proprietors and single-member LLCs will have access to the Bitcoin conversion feature. Additionally, a 1% cut of each conversion made by the vendor goes to the corporation. From their Cash App account, merchants can sell Bitcoins at any moment or transmit them to other wallets.
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Block’s Venture in Bitcoin Mining Chips
Just yesterday, Block (SQ) completed the development of the much-awaited Bitcoin mining chip. The three-nanometer chip has the potential to play a big role in the quickly growing mining industry because these chips are necessary to construct some of the most advanced computers.
Since the chip, which powers specialized computers that mine Bitcoin, is still in the early stages of development, it may be tough for competitors to outbid the incumbent. Only a handful of Asian chip manufacturers have turned a significant profit during the cryptocurrency surge. Beijing-based Bitmain has made billions of dollars and controlled the sector. Also, as the Bitcoin market crashed in early 2023, chipmaker Intel ended its Bitcoin mining program.
Block (SQ) has made an effort to simplify the process of purchasing Bitcoin on all of its sites. Additionally, to make it simple for users to trade Bitcoin, the company, connected its self-custodial wallet Bitkey with Coinbase and the Cash App.
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