With little information, Jack Dorsey is constructing the Bitcoin layer-1 network and launching Block mining hardware.
The renowned co-founder and former CEO of Twitter, Jack Dorsey, left the organization in order to focus on the cryptocurrency industry, primarily Bitcoin, a long time ago. In fact, Dorsey is not only the CEO of this company but also a co-founder of Square, which is now known as Block and launched the Cash App. Along with providing traditional banking services like those it has since 2010, when it was still known as Square, Block has been interested with Bitcoin for a while. For instance, it recently added a cryptocurrency wallet to its Cash App.
Crypto: The co-founder of Twitter is mining bitcoins
But because of Block, Dorsey isn’t just devoting himself to the creation of cryptocurrency financial instruments.
In addition, he is developing the so-called layer-1, the central network of Bitcoin.
Exactly a new piece of specialized machinery for mining Bitcoin is one of his initiatives.
Since changing its name, Block has also started to expand its activities outside those given through Cash App and Square’s platform, therefore it will be Block itself that markets this new hardware.
Although it has long been known that the corporation has been working on such a project, the announcement is actually not yet official.
A complete set of Bitcoin mining hardware is expected to be launched in early 2024, according to speculations that first surfaced on Twitter yesterday.
Sadly, as of right now, there is no other accurate information available.
The speed of Bitcoin mining
It is noteworthy that Bitcoin hashrate—the total amount of computing power dedicated to this particular activity—reached an all-time high only recently.
All of this strongly suggests that there is an increase in demand for mining equipment, particularly in light of the upcoming halving, which will happen only in the second quarter of 2019.
The premise is that machines with higher performance prevail in the Bitcoin mining race, while those with poor computational capability and high power consumption fall short.
Indeed, mining uses a lot of energy, and there is a significant risk that expenditures will eventually outweigh income if revenues are insufficient.
Furthermore, because it is a competition, those who use more effective and high-performance equipment profit the most, while others who utilize machines that are no longer competitive frequently lose and give up.
After the halving, the issue will worsen because the incentive given to the miner who successfully validates a block will be reduced by half.
Therefore, it is likely that those who want to continue mining will have to update their fleet by getting rid of the underperforming and inefficient equipment.
With this in mind, Block’s innovative solution might be able to satisfy a demand that the market will undoubtedly have.
Bitcoin and Dorsey
Jack Dorsey is what is referred to as a maximalist because he has fully embraced the idea of the Bitcoin project.
He is one among those who thinks Ethereum is a security, for instance.
The co-founder of Twitter has repeatedly reaffirmed his belief that Bitcoin is the only truly decentralized cryptocurrency project and that decentralization is the real power behind the change it represents.
He is largely committed to Bitcoin because of this, though recently he seems to have started to value Tether as well.
Truth be told, he values his CTO Paolo Ardoino more than the Tether project itself. Ardoino has recently talked a lot about decentralization, particularly in relation to the Keet.io project, which enables entirely P2P communication.
As a result, it appears that a coalition against centralization is coming together, with most of its members being involved in the cryptocurrency industry.
Although Dorsey isn’t the best communicator, he is still the well-known co-founder of Twitter, thus he might be in charge of communication while Tether, and in particular Ardoino, is a technical point of reference.
This front is supported by the conviction that Bitcoin is the true financial revolution, which is still in its infancy.
