Twitter CEO Jack Dorsey keen on bitcoin mining; buys $170-million worth cryptocurrency
Twitter and Square CEO Jack Dorsey is a fan of bitcoin. Dorsey has bought $170-million worth of the largest cryptocurrency by market value through his digital payments company Square.
Dorsey’s love for bitcoin doesn’t stop at buying cryptocurrency. He has initiated mining too via Compass Mining, a service that hosts, supplies, and operates cryptocurrency mining rigs for individual miners. The service aims at helping people who do not want to worry about purchasing and maintaining mining equipment themselves, said a CNBC report.
Jack Dorsey passionate about bitcoin mining, yet to confirm plan
What exactly is bitcoin mining? Working on a proof of work (PoW) model that wants miners to vie with each other to solve complex puzzles to validate transactions, bitcoin mining calls for the deployment of computer power and energy. At Compass Mining, the hardware itself costs around $8,200. However, miners stand to pocket close to $33 profit a day once these factors are in place.
What is exciting about mining is that bitcoin investors get to know the process first hand, beyond buying cryptocurrency. Bitcoin being riding an expensive terrain as against other cryptocurrencies, profit-making may be a slow affair. But then, investors could look to purchase fractional shares called satoshis.
Twitter CEO makes bitcoin passion public in different fora
Dorsey is all set to explore mining, though confirmation hasn’t been forthcoming yet. The Twitter CEO has always professionally supported bitcoin. In July, the latest endorsement came about at “The B-Word” conference, hosted by the Crypto Council for Innovation. Dorsey had spoken about his passion for bitcoin, commenting that he “hopes it brings about world peace.”
In June this year, Dorsey had also spoken at the Bitcoin 2021 Conference, stating that he visualized bitcoin as a way “to protect against currency devaluation and expedite transfers of funds across borderlines”.
