Twitter founder launches crypto-mining hardware

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Jack Dorsey is the famous co-founder and former CEO of Twitter, and he long since left the company to focus on the crypto world, specifically Bitcoin.

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

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

Crypto: Twitter Co-Founder’s Bitcoin Mining Efforts

However, Dorsey is not solely dedicated 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 Bitcoin mining.

Block itself will be bringing this new hardware to market, in part because since changing its name it has also begun expanding its business beyond that provided by Cash App and Square’s platform.

The news is not actually official yet, although it has long been known that the company is 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, to date, there is no other precise information on this subject.

Bitcoin mining hashrate

It should be noted that these days have seen the record level of the Bitcoin hashrate, which is the total computing power allocated worldwide to this specific activity.

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

The thing is, Bitcoin mining is a competition in which those using higher-performance machines win, and those using low-computing, high-power machines lose.

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

Also, since it is a competition, those who cash out the most are those who use more efficient and better machines, while those who use machines that are no longer competitive often end up losing and giving up.

The problem will intensify after the halving, as the reward that is awarded to the miner who successfully validates a block will be halved.

So, most likely, those who want to continue mining will be forced to modernize their fleet by getting rid of the less efficient and less efficient machines.

With that in mind, Block’s new solution might be able to meet 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 among those who believe that Ethereum is a security.

On several occasions, the co-founder of Twitter reiterated that he considers decentralization to be the true force of the revolution constituted by Bitcoin, and that he considers Bitcoin to be the only truly decentralized crypto project.

That’s why he mainly focuses on Bitcoin, although lately he seems to have started to like Tether as well.

To tell the truth, rather than the Tether project itself, it appreciates its CTO Paolo Ardoino, who has also been talking a lot lately about decentralization, in particular through the Keet.io project which allows chatting entirely in P2P.

Therefore, it seems that some sort of anti-centralization coalition is forming, made up mostly of people working in the crypto industry.

While Tether, and in particular Ardoino, is a technical reference, Dorsey could be responsible for communication, given that although he is not a great communicator, he is still the famous co-founder of Twitter.

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

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