Block stock hit a fresh 52-week low on Wednesday, trading as low as $131 per share. The company formerly known as Square is down about 31% since announcing its corporate entity name change to Block, on Dec. 1 of last year. On Thursday, Block founder and CEO Jack Dorsey announced the company is "officially building an open bitcoin mining system"

Dorsey retweeted a series of tweets from Block's general manager for hardware, Thomas Templeton. Templeton: "We want to make mining more distributed and efficient in every way" "We see it as a long-term need for a future that is fully decentralized and permissionless," he says.

The rebrand was seen as a nod to the increasing focus on blockchain, the technology which underpins cryptocurrencies such as Bitcoin. Block's stock performance has moved relatively in tandem with the cryptocurrency, which has been on a decline since its highs in November. On Friday, analysts from Deutsche Bank and Keybanc decreased their price target on the stock.

The deal was seen positively by several Wall Street analysts. The deal is seen as a positive development for Yahoo Finance. Yahoo Finance is a leading financial and business news site. Follow Yahoo Finance on Facebook, Twitter, Instagram, LinkedIn and YouTube. For the latest financial news from Yahoo Finance, visit Yahoo Finance at
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