Bitcoin has reached new highs after Jack Dorsey, CEO of Square Inc, announced plans to mine it.
Bitcoin exceeds $ 62,000 mark
The largest cryptocurrency in the world Bitcoin (BTC) confidently demonstrates his strength and climbed an additional 5%, topping the $ 62,000 mark. Thus, it approached its historical maximum. At the time of publication of this article, Bitcoin is trading at $ 62,101 and its market value is $ 1.16 trillion.
The data provider on the Santiment network reports that Bitcoin is evolving at an increasingly rapid rate. Here is a good example:
Jack Dorsey enters the Bitcoin mining game
Square Inc CEO Jack Dorsey is looking to dig deeper into the wider Bitcoin ecosystem. After Square Inc announced the creation of easy-to-use cold wallet hardware, Jack Dorsey also decided to give cryptocurrency trading a try. In a statement on Friday October 15, Dorsey said:
“Square plans to create an extraction system for silicon and Bitcoin open source customized for individuals and businesses around the world. If we do, we will follow our hardware wallet model. ”
La position de Dorsey
Explaining his position, Dorsey said mining should be more distributed. According to the American entrepreneur, this will become particularly relevant after the mining of the last Bitcoin. The more decentralized mining is, the more resilient the Bitcoin network will become. Dorsey says the main job of miners should be to secure the settlement of Bitcoin transactions without involving trusted third parties.
Additionally, Dorsey addressed the mining industry’s most pressing issue: implementing clean energy-based mining solutions. “Moving towards a clean and efficient use of energy is very important for the economy, influence and scalability of Bitcoin. Energy is a system level problem that requires innovation in silicon, software and integration, ”he added.
Jack Dorsey added that the development of silicon chipsets was concentrated in the hands of a few companies. This is because the development of silicon is generally expensive and requires long-term work. Square’s CEO believes mining should be easily accessible to everyone – just plug into a power source. He noted that his team is working on this issue.
Mining is certainly beneficial if you have access to cheap energy that has a lot of electricity. And if Jack Dorsey manages to solve this problem with the help of new developments, it will be another help in strengthening Bitcoin’s position.
I’m sure blockchain and cryptocurrency are the future, and I want to get this idea across to everyone because the more people who believe in cryptocurrency, the sooner the future will come.