Payments company, Block, beat analyst expectations this quarter, however Bitcoin—a key level of curiosity for the company—has yet to carry a meaningful contribution to its final analysis.

The company, led by vocal Bitcoin advocate Jack Dorsey, has devoted significant sources to making the cryptocurrency a part of its trade. It presented Bitcoin trading on its payments platform Cash App in 2018 and since then, the company claims that about 10 million users have taken advantage of the feature, according to its 2nd quarter shareholder letter revealed Thursday.

In June, Block extra added a feature called “round up” which lets a user round up to the nearest dollar when they use their Cash App card and establish that spare change into either shares or Bitcoin.

And clearly, the company changed its name from Square to Block late last year to demonstrate moral how dedicated it was to blockchain technology, which underlies Bitcoin.

Nonetheless in its 2nd quarter earnings released Thursday, Block’s Bitcoin efforts yielded very little. The company reported that Bitcoin revenue from Cash App fell to $1.79 billion, down 34% from a year earlier. Bitcoin revenue made up about 41% of Block’s overall revenue of $4.4 billion in the 2nd quarter, however it translated into entirely about 3% of the company’s overall depraved profits—a metric that matters extra to analysts.

Stephen Biggar, the director of financial products and services research at Argus Research informed Fortune that Bitcoin, “has a very tiny impact on profitability, and is now not a driver for earnings forecasting.” Biggar identified that regardless of the company’s $1.79 billion in Bitcoin revenue, its Bitcoin costs of $1.74 billion, basically canceled it out, amounting to about 98% of its revenue.

Block’s depraved take advantage of Bitcoin fell to $41 million from the $43 million it recorded in the first quarter. This came after Bitcoin costs plummeted 50% in Q2 alone, whereas trading down 66% from its all-time-excessive of nearly $69,000 last November.

Apart from its Bitcoin profits, falling crypto costs hit the company’s Bitcoin holdings as effectively. Block’s Bitcoin funding, which amounted to $220 million invested over 2020 and 2021, is detached in the black, however because of falling costs the company also took a $36 million impairment charge on its funding in the 2nd quarter.

The lackluster returns Block has earned from Bitcoin are also now not the entirely matters of field, said Biggar, noting that impending regulation by the U.S. authorities also creates uncertainty.

“The pause game on bitcoin and cryptos generally, along with potential pitfalls from upcoming regulation, are now not effectively understood,” he said.

All of those pitfalls have now not stopped Dorsey from in conjunction with Bitcoin in his grand imaginative and prescient of a “shipshape app,” to carry Block’s Bitcoin trading, Afterpay trade, peek-to-peek payments and extra beneath one application. Ultimately, Dorsey wants to arrangement something that potentialities use each day. Bitcoin is a key part of that, he said on Thursday.

“We can arrangement something that is at least a weekly if now not, each two weeks use case and then catch to extra and extra daily use cases which, ultimately is our goal. We saw a step towards that with Bitcoin…” Dorsey said. 

Block didn’t immediately answer to Fortune’s seek information from for comment.

Block’s inventory fell extra than 6% in pre-market trading regardless of the company’s overall depraved profit of $1.47 billion falling moral instant of the $1.48 billion analysts expected according to Factset. Its depraved profit was up 29% from the $1.14 billion profit the company recorded a year ago. Block reported earnings per share of $0.18, beating analyst expectations of $0.16, according to Factset. 

Block’s shares were trading up 1% at $90 on Friday morning.

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