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After Stepping Down As Twitter CEO, Jack Dorsey To Start Mining Bitcoin

After Stepping Down As Twitter CEO, Jack Dorsey To Start Mining Bitcoin

Twitter founder Jack Dorsey would soon commence the mining of Bitcoin through his payment startup, Block, which was formerly Square.

In a series of tweets addressed to digital assets holders and stakeholders in the crypto ecosystem, Dorsey, who stepped down from his role as Twitter’s Chief Executive Officer (CEO) in November 2021, is delving into bitcoin mining in a move designed to make it accessible to interested persons.

Thomas Templeton, who’s currently serving as Block’s manager, was quoted as saying that going forward, the company would be providing solution to the complexity from buying, to set up, to maintenance, to mining.

Amongst other things, Block is prepared to build ASIC miner, a hardware used for mining digital currency, as Templeton said the current system used were besieged by various problems.

The tweets read party: “Common issues we’ve heard with current systems are around heat dissipation and dust. They also become non-functional almost every day, which requires a time-consuming reboot. We want to build something that just works.”

“They’re also very noisy, which makes them too loud for home use.” the general manager of the payment startup lamented just three months after Dorsey said, “Mining needs to be more distributed.” to increase access.

What you should know

Dorsey,45, is one of the biggest advocates of bitcoin in the crypto community, such that stakeholders of the financial sub-sector heaped praises on him for his insight and innovation.

With this development, it appears like he’s encouraging the usage of Bitcoin, which is the flagship crypto.

BizWatch Nigeria, however, understands that this is a good development for the blockchain, as mining is one of the ways to secure the Bitcoin network.

The more miners like Dorsey come into play, the more difficult to attack, alter, or stop the Bitcoin network would become.

About Author

Damilare Famuyiwa is a journalist and media consultant with over seven years experience. Trained at the Nigerian Institute of Journalism (NIJ), he has since been actively covering different beats, which include finance, showbiz, and music. You can reach him on [email protected]

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