The co-founder and CEO of Twitter, Jack Dorsey, has claimed that he is mining bitcoin.
In fact, yesterday, in response to a tweet from Andrew Kitt announcing that he had started mining bitcoin thanks to Compass Mining, Dorsey replied that he has started doing the same thing.
I’m trying mining with @compass_mining too…
— jack⚡️ (@jack) August 17, 2021
To mine bitcoin profitably nowadays, it is necessary to equip oneself with special hardware specialized in extracting cryptographic hashes that validate blocks.
The company is promoted by Kitt and Dorsey and offers a consulting service and assistance to guide those who want to purchase and configure the necessary devices to mine bitcoin.
However, it should be noted that although the company’s slogan is “now everyone can mine bitcoin,” purchasing these machines requires an investment not particularly cheap. Certainly, their services are not free either.
So while this may be a service that can help anyone who wants to start mining bitcoin, the initial investment costs actually cut off a significant chunk of the population.
In fact, to tell the truth, it is precisely the mining of bitcoin itself that is increasingly becoming the prerogative of those who have significant amounts of money to invest.
However, it is enough that the miners are many and in competition with each other, to ensure that this feature of mining has no real impact on the functioning of the Bitcoin protocol.
Jack Dorsey’s contribution to Bitcoin mining
In this perspective, the role of a character as well-known as Jack Dorsey can make an enormous contribution, especially in this historical period wherein China sees less and less mining. At the same time, in the U.S., there is more and more mining, despite the high consumption of electricity that all this entails.
The example of Dorsey, in fact, could convince other wealthy people to invest some of their money in BTC mining, making this activity more and more decentralized.
On the other hand, investing in bitcoin mining is also a way to diversify one’s investments, even if it is not a mere financial investment but a real productive activity, with a lot of machinery to buy, install, configure and operate correctly.
Finally, it must be remembered that bitcoin mining has returned to be a very profitable activity for some time now.