Block Inc.’s (SQ) shares are trading higher on Thursday, fueled by the positive performance of peer Buy Now, Pay Later (BNPL) company Affirm Holdings, Inc. (AFRM). Affirm’s strong quarterly results, including revenue growth of nearly 50% year-over-year and upbeat guidance, have boosted sentiment in the BNPL sector.
Block Inc., formerly known as Square, has successfully completed the development of its highly anticipated Bitcoin mining chip. This significant milestone marks a major step in the company’s mission to enhance the accessibility and decentralization of the Bitcoin ecosystem. The three-nanometer chip, a technological marvel, will power specialized computers dedicated to Bitcoin mining and sets a new standard for the industry. Block Inc.’s dedication to innovation is further exemplified by its ongoing development of a comprehensive Bitcoin mining system.
