Jack Dorsey’s plan: make Bitcoin mining as easy as plugging in.
- Jack Dorsey Wants Bitcoin Mining To Be More Decentralized
- The Real Impediment To Bitcoin Mining
Jack Dorsey Wants Bitcoin Mining To Be More Decentralized
Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community. First some thoughts and questions.
— jack⚡️ (@jack) October 15, 2021
CEO of Twitter Jack Dorsey has a plan to make Bitcoin Mining more decentralized than it already is. What that plan is exactly, is unclear.
Dorsey tweeted that fintech company Square, which he is also CEO of, is getting into Bitcoin Mining similarly to how they are dabbling with a wallet. “Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide.” Dorsey added, “The more decentralized this is, the more resilient the Bitcoin network becomes.”
In order for Bitcoin to achieve Dorsey’s idea of decentralization, more people need access. And, that access has to be straightforward and unintimidating. Dorsey believes Bitcoin mining should be as easy as “plugging a rig into a power source. There isn’t enough incentive today for individuals to overcome the complexity of running a miner for themselves.”
The Real Impediment To Bitcoin Mining
Complexity is one thing, but the real impediment to Bitcoin mining is cost and access. The tech required to generate any ROI is either hard to get, or very expensive.
Though, some companies are trying to make more affordable options, like Heatbit. Heatbit offers Bitcoin miners that double as “heaters” that can keep you warm during those cold winter months…
It’s unclear how profitable these smaller, non ASIC options will be. Someone made 840 dollars in a month of a mini-rig, but they did it stealing Starbucks power.
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