Fintech startup Jack Dorsey (formerly Square) revealed its total revenue for the fourth quarter of 2021 of $1.18 billion, which is a 47% year-over-year increase.

The company’s statement said sellers on the platform have increased their adoption of the Square ecosystem over time.

The American digital payments and financial services company “Block” announced that its revenues last year amounted to 4.42 billion dollars.

By comparison, analysts expected the figure to reach $4.01 billion.

Results are up 62% year over year with revenue from bitcoin purchases accounting for $1.96 billion of that number.

Total earnings for the fourth quarter were also impressive, coming in at $1.18 billion, up 47% from the same period last year.

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In line with the good results, Block shares are up over 40% in 24 hours.

SQ shares closed on Friday at about $120.

This financial report was also the first since Jack Dorsey resigned as Twitter CEO and is now solely involved with Block.

In October 2021, Dorsey revealed plans that Block (called Square at the time) could create a bitcoin mining system.

The company will use custom ASIC hardware and develop it open source.

Dorsey believes that mining needs to be more energy efficient, and as such, it is a challenge.

His company’s initiative aims to create technology integrations in the industry by creating more efficient hardware prototypes and hashing algorithms that conserve energy consumption.

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