ChainCatcher news, Jack Dorsey's payment group Block Inc. has released its earnings results for the second quarter of 2024, with Bitcoin revenue increasing by 9% year-over-year. Block's Bitcoin revenue for this quarter exceeded $2.61 billion, with total net revenue reaching $6.16 billion, an 11% increase compared to the same period in 2023. Block recognizes Bitcoin revenue as the total amount of BTC sold to customers.The company also updated the status of its Bitcoin reserves, reporting a loss of $70 million on its held BTC. As of June 30, 2024, Block holds approximately 8,211 BTC on its balance sheet for investment, with a fair value of $515 million. The company acquired about 173 BTC in the past quarter.

ChainCatcher news, according to Bitcoin.com, Salvadoran President Nayib Bukele stated that the country's Bitcoin holdings may exceed public estimates. He revealed that since the legalization of Bitcoin as the country's legal tender, El Salvador has generated Bitcoin-related income from various sources in addition to capital gains from purchasing Bitcoin.Sources include BTC revenue from the passport program, income from converting Bitcoin to dollars for local businesses, BTC mining, and Bitcoin revenue from government services.

ChainCatcher news, according to the Q2 2023 financial report released by Block, the payment company founded by Twitter co-founder Jack Dorsey, the company's gross profit increased by 27% year-on-year, reaching $1.87 billion. The company's net revenue for the second quarter was $5.5 billion, of which $2.4 billion came from Bitcoin, representing a 34% increase compared to the same period in 2022. Block's Cash App business generated $1.16 billion in Bitcoin revenue, a 39% increase compared to the same period in 2022.