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June 30, 2022
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Jack Dorsey, CEO of twitter, is mining bitcoin

Twitter co-founder and CEO Jack Dorsey said he is extracting bitcoin.

In fact, yesterday he said this in response to a tweet from Andrew Kitt announcing that he started mining bitcoin thanks to Compass Mining, Dorsey replied that he started to do the same thing.

To extract bitcoins profitably these days, you need to equip yourself with special hardware that specializes in extracting cryptographic hashes that validate blocks.

The company is promoted by Kitt and Dorsey and offers a consultancy and advisory service to guide those who want to acquire and configure the devices necessary for extracting bitcoins.

However, it should be noted that although the company’s slogan is “now everyone can mine bitcoin”, buying these machines requires a not particularly cheap investment. Of course, 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 have actually cut a significant portion of the population.

In fact, to tell you the truth, it is precisely bitcoin mining itself that is becoming more and more the prerogative of those who have large 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 does not have a real impact on the functioning of the Bitcoin protocol.

Jack Dorsey’s Contribution to Bitcoin Mining

From this perspective, the role of a character as well-known as Jack Dorsey can make a huge contribution, especially in this historical period when China sees less and less mining. At the same time, in the US, there is more and more mining, despite the high electricity consumption that all this entails.

Dorsey’s example, in fact, could convince other wealthy people to invest some of their money in BTC mining, making this activity increasingly decentralized.

On the other hand, investing in bitcoin mining is also a way to diversify investments, even if it is not a mere financial investment, but a real productive activity, with many machines to buy, install, configure and operate correctly.

Finally, it should be remembered that bitcoin mining has returned to an activity very profitable for some time.

Source: cryptonomist

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