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JACK DORSEY ENTERS THE MINING BUSINESS



 Jack Dorsey , co-founder of the Twitter company and founder of the popular payment service Block (formerly Square) announced in a tweet today that he will be entering the Bitcoin mining business as a future project.


The company's general manager for the hardware sector, Thomas Templeton, reports that there are already vacancies for the San Francisco location. Reasons for this decision are on the one hand the more efficient design of processes and the company more decentralized.


Furthermore he added:


We are interested in this because mining goes far beyond creating new bitcoins. We see it as a long-term imperative for a future that is fully decentralized.



Dorseywho is already aware of the problem of energy in connection with mining, has therefore been planning to switch to green energy since 2020. According to reports, his company invested 10 million dollars for this. The mining project could now advance this faster than planned. Considering the guidelines of the Kosovo government, this move towards renewable energy could probably be crucial to be able to mine independently in the long term. There it was stipulated that all mining of cryptocurrencies is prohibited over the winter months. This requires the energy crisis that the country is currently struggling with. Another of Block's projects deals with the development of efficient computer chips and the overall energy architecture.


When Dorsey announced his resignation as CEO in November 2021, the Twitter platform announced some sort of tipping feature. This tip should be able to be paid using Bitcoin as a currency. Experts estimate that Dorsey's retirement played a big part due to his enthusiasm for cryptocurrencies. Block's latest announcement underscores this hypothesis. There Block published a transaction service developed for smartphones called CashApp. The app serves as a trading platform for buying and selling Bitcoin. The platform can be used from the age of 13.


Conclusion on entering the mining business


And once again, big business owners like Jack Dorsey and his entire company, Block, are getting into bitcoin. With his project, he wants to make Bitcoin mining more profitable again and at the same time make a major contribution to reducing CO2 emissions.

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