The number of employees expected to be impacted by the planned cut is said by the sources to be significant, although an exact number could not be ascertained. Employees at Tidal, developer platform TBD, and other parts of the company are said to be in for cuts. A spokeswoman for Block declined to comment.

Block will place more resources into building equipment for Bitcoin miners. Jack Dorsey’s payment company is scaling back its investments into Tidal and creating Web5.

According to a shareholders’ letter from the Jack Dorsey-led payment company Block, from November 7, the company will venture more into Bitcoin mining and the Block self-custody wallet, Bitkey. The company will abandon its Web5 internet project,