Jack Dorsey Announced Tuesday That He Is Mining Bitcoin, Using A Third-party Service.
Jack Dorsey announced Tuesday that he is mining Bitcoin, using a third-party service that hosts the equipment necessary for him to help secure the network and compete for its rewards.
First surfacing in reply to a tweet, he revealed he has signed up for Compass Mining, a startup that is seeking to broaden participation in Bitcoin mining, disrupting an industry now dominated by large data centers.
User @kitt_andrew wrote:
“As a Bitcoin enthusiast for years I can’t believe it’s taken me this, long but I’ve finally pivoted my business to get into the mining space thanks to @compass_mining. I couldn’t be more excited, and can’t wait until Feb when they fire the first one up.”
Twitter and Square CEO Jack Dorsey has a habit of replying to certain posts of small, unrelated accounts, bringing them great attention. Jack wrote in response: “I’m trying mining with @compass_mining too…”
It is unclear how many miners Jack has procured and has Compass Mining maintain, although it is notable that he chose this mining as a service route, as the billionaire could surely afford to set up his own small mining operation to experiment.
It is not impossible that Jack Dorsey would use his Compass Mining venture as an education trial run for Cash App, a platform that allows users to buy, sell, send, and receive Bitcoin.
The vague tweet doesn’t really tell us much about his venture at all. Although one might read it as more of a personal interest pursuit rather than a strategic business partnership, the PR was certainly good for the Bitcoin-first Compass Mining company.
Compass Mining has grown in popularity over the last year. The company rents out hardware and space in mining facilities around the world through a platform that looks something like a hotel booking service.
Compass is also beginning to bring trust to the mining-as-a-service space, a sector historically dominated by scams and fly-by-night operators.
The newest version of Bitcoin’s original software launched by Satoshi Nakamoto in 2009 brings improvements on privacy, security and user experience.A new version of the original Bitcoin software client launched by Satoshi Nakamoto has been released today.Bitcoin Core 23.0 was worked on by 132 developers over about seven months to bring tangible improvements to Bitcoin…
The miner produced a total of 5,769 bitcoin in 2021, a 350% increase year-over-year.Core Scientific mined over 1,000 bitcoin in just one month.The miner said it ended 2021 holding 5,296 BTC, worth about $230 million.Its self-mining operations boast 67,000 ASIC machines.Provider of bitcoin mining infrastructure and hosting solutions, Core Scientific, mined 1,044 bitcoin in December…
Bitcoin is helping secure the truthfulness of Guatemala’s election results.Thanks to OpenTimestamps, a tool created by bitcoin developer Peter Todd a few years ago, Guatemalan tech startup Simple Proof is able to safeguard key documents about the country’s presidential elections from fraud and tampering. Todd’s tool, which leverages hash functions and the bitcoin blockchain, is
Follow Tommy on X. This interview on the Danny Jones Podcast episode 263 both felt like it was being channeled from my own brain while also hitting me with an overload of new information. It hit the spot, as someone who has long held the opinion that all modern wars and psychological operations are symptoms
In September 2019, the interest rate for the overnight money market — a short-term lending market where banks borrow cash from each other to meet reserve requirements at the end of a business day — surged to 10 percent. Banks weren’t willing to lend out capital for the Federal Reserve’s target interest rate of 2…
Bitcoin & Beyond is an educational series by the team at The Rollup focused on a new and emerging class of builders in the Bitcoin ecosystem. Through spaces, panels, and interactive presentations, the objective is to provide deep technical insights into innovative scaling projects.In this episode, the crew discusses building Bitcoin's first ZK (zero-knowledge) rollup
With their newly-announced stablecoin experiment doomed to fail, Russia and Iran will soon learn Bitcoin is the solution that they want.This is an opinion editorial by Q Ghaemi, a stocks and bitcoin analyst and author of the Qweekly Update newsletter.Earlier this month, reports surfaced that the Central Bank of Iran is working with the Russian…
Follow Nikolaus On 𝕏 Here For Daily Posts An Austin, Texas man, Frank Richard Ahlgren III, has been sentenced to two years in prison for filing false tax returns that underreported the capital gains from selling $3.7 million worth of bitcoin, the United States Department of Justice (DOJ) announced today. According to the DOJ, Ahlgren was
CleanSpark, a sustainable bitcoin mining company, released a mining production update for May showing an increase in custodied BTC with improved operations.CleanSpark, a sustainable bitcoin mining company, released its mining production update for the month of May. While bitcoin production marginally increased, operational capacity showed a large improvement from a month-over-month perspective. Currently the company…