Twitter founder launches crypto mining hardware

Jack Dorsey is the celebrated co-founder and former CEO of Twitter, and he has long since left the company to devote himself to the crypto world, particularly Bitcoin. 

In fact, Dorsey is also the co-founder of Square (now renamed to Block) which created Cash App, and he is also the CEO of this company. 

Block has also been involved in Bitcoin for some time now, alongside standard financial services such as those it has provided since 2010 when it was still called Square. For example, it recently integrated a crypto wallet within its Cash App. 

Crypto: Bitcoin mining efforts from the co-founder of Twitter

However, Dorsey is not only devoting himself to the development of crypto financial instruments thanks to Block. 

He is also working on the development of Bitcoin‘s core network, the so-called layer-1. 

One of his initiatives is precisely a new special hardware for mining Bitcoin. 

It will be Block itself that will market this new hardware, in part because since changing its name it has also begun an expansion of its activities beyond those provided through Cash App and Square’s platform. 

The news is actually not yet official, although it has long been known that the company has been working on such a project. 

According to rumors that started circulating on Twitter yesterday, the launch will take place in early 2024, and will consist of a full set of Bitcoin mining hardware. 

Unfortunately, as of today there is no other precise information about it. 

The Bitcoin mining hashrate

It is worth noting that these very days saw the all-time high in Bitcoin hashrate, which is the total computing power allocated worldwide on this specific activity. 

All this really suggests that there is a growing demand for mining hardware, especially in view of the next halving, which will take place just in the second quarter of next year. 

The point is that Bitcoin mining is a competition in which those who use higher performance machines win, and those who use machines with low computing power and high power consumption lose. 

Indeed, mining consumes a lot of power, and if revenues are not sufficient there is a serious risk that costs will exceed revenues. 

Moreover, since it is a competition, those who cash in the most are those who use more efficient and high-performance machines, while those who use machines that are no longer competitive often end up losing out and quit. 

The problem will intensify after the halving, because the reward that is assigned to the miner who succeeds in validating a block will be halved. 

Thus, most likely, those who want to continue mining will be forced to upgrade their fleet by divesting the less efficient and performing machines. 

With this in mind, the new solution offered by Block may be able to tap into a market demand that will almost certainly be there. 

Dorsey and Bitcoin

Jack Dorsey has completely embraced the philosophy of the Bitcoin project, so much so that he can be called a maximalist. 

For example, he is one of those who believes that Ethereum is a security. 

Several times the Twitter co-founder has reiterated that he considers decentralization to be the real strength of the revolution constituted by Bitcoin, and that he considers Bitcoin to be the only truly decentralized crypto project. 

This is why he is primarily dedicated to Bitcoin, although lately he seems to have begun to appreciate Tether as well. 

Truth be told, rather than the Tether project itself, he appreciates his CTO Paolo Ardoino, who has also been talking a lot lately about decentralization, particularly through the Keet.io project that allows for fully P2P chatting. 

Therefore, it seems that a kind of anti-centralization coalition is forming, consisting mainly of people working within the crypto sector.

While Tether, and in particular Ardoino, is a technical point of reference, Dorsey might be responsible for communication, given that despite not being a great communicator he is still the celebrated co-founder of Twitter. 

Underlying this front is the belief that the real revolution in finance is Bitcoin, and that this revolution is still only just beginning.