Mobile payment solutions provider Square Inc (NYSE) has released its quarterly earnings report which details its profits.

According to the firm, it generated $1.8 billion in Bitcoin revenues during Q3 2021. This is an 11% increase over the previous year. This translates to a gross profit of $42 million, a 29% increase from last year’s figure.

The figures indicate an annual rise, but they also show a decline in quarterly revenues. The firm previously published quarterly reports that revealed it had generated $2.7 billion in Bitcoin revenues in Q2 of last year and $3.5 billion for Bitcoin revenue Q1 this year.

The Q3 revenue actually compares to Q4 2020’s $1.76 trillion in revenue.

In Square’s opinion, the decline has been due to market conditions, “driven primarily by relative stability in the price of Bitcoin which affected, trading activity compared to prior quarters.”

While Bitcoin is a popular investment, most people don’t want to make a large capital commitment when it has a relatively high value. However, that strategy doesn’t work in stable markets.

Nevertheless, it appears that Bitcoin is still the largest contributor to Square’s revenue. The company’s total revenue for Q3 was $3.84 billion, meaning that Bitcoin accounted for almost half (46%) of Square’s total revenue.

Bitcoin, however, was less influential when it came to profit. Square Inc. earned $1.13 trillion in gross profits. Bitcoin was only responsible for 4%.

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