Jack Dorsey Announces Bitcoin Mining Plan

The world’s largest cryptocurrency Bitcoin (BTC) is showing solid strength and is up another 5% to break USD 62,000, getting pretty close to its all-time high (USD 64,000).

It is believed that this is the result of Jack Dorsey announcing his Bitcoin mining plan.

Jack Dorsey Announces Bitcoin Mining Plan

Jack Dorsey, CEO of Sqaure Inc, wants to join the wider Bitcoin ecosystem. After Square Inc announced it would develop easy-to-use cold wallet hardware, Jack Dorsey is now entering the Bitcoin mining ecosystem. In his announcement on Friday October 15, Dorsey said:

“Square is considering building a custom and open source silicon-based bitcoin mining system for individuals and businesses around the world. If we do this, we will follow our hardware wallet model: build in an open environment with community collaboration. “

Dorsey continued to repeat his point, saying that the mining needs to be more distributed. The tech miner thinks this is especially important after the last BTC has been mined. The more decentralized the mining becomes, the more resilient the Bitcoin network becomes. Dorsey said the miners’ core job should be to secure the payments of BTC transactions without the need for trusted third parties.

In addition, Dorsey also mentioned the most pressing problem facing the mining industry, which is the application of clean energy mining solutions. “The transition to clean and efficient energy is great for the economy, impact and scalability of Bitcoin. Energy is a system-level problem that requires innovations in silicon, software, and integration. “ he added.

Jack adds that several companies have focused on silicon chipset design. This is because silicon is mostly expensive to develop and requires a long development. Square’s CEO added that mining should be easily accessible for everyone by plugging in a power source. He noted that his team is still working on the issue.

Online data provider Santiment reports that BTC is moving faster and faster. It says:

Bitcoin rose to $ 62.8,000 on Friday, and dormant coins continue to circulate at an encouragingly high rate. As the average age of $ BTC investments declines, it is encouraging that circulation is moving enough for a #bull.

Join our Facebook group and Telegram group Coincu News to chat with more than 10,000 other people and exchange information about the crypto currency market.

Important NOTE: All content on the website is for informational purposes only and does not constitute investment advice. Your money, the choice is yours.