Square Shows Growing Bitcoin Business in Q2 2018 Results

Mobile payments using Bitcoin on Square's Cash App have shown healthy growth based on the company's unaudited second quarter results for 2018 released yesterday.

Square's Bitcoin business showed $37 million in revenue over the period ending June 30, 2018 and with costs around $36.6 million showed a gross profit of $420,000 or 1.1% on their Bitcoin offering.
Square's Bitcoin Revenue and Costs for the Past 2 Quarters




Q1
Q2
% Growth


Bitcoin Revenue
$34,095 k
$37,016 k
9%


Bitcoin Costs
$33,872 k
$36,596 k
8%


Bitcoin Gross Profit
$223 k
$420 k
88%


Bitcoin % Gross Margin
0.7%
1.1%
73%



While the revenue from Bitcoin comprises a reasonably small amount of the mobile payment firms overall top line (

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