Robert Steinadler, a year ago
As the news spread that Jack Dorsey is going to leave Twitter it became clear that one of the strongest proponents of Bitcoin will focus on driving the success of the world’s first cryptocurrency. Dorsey’s other company “Block” which only recently rebranded and was formerly known as Square is aiming to become a true powerhouse that strives to innovate the Bitcoin space.
Block is about to enter a particular sector of the Bitcoin industry that builds its foundation. What can we expect from Dorsey’s plans to get involved into mining?
It was in October last year when it became clear for the first time that Block is going to enter Bitcoin mining. It seems that only three months later those plans are forming a shape. Block is going to design new Bitcoin miners and like to address problems that are very common with the ASIC miners that are available today.
There is a long list and a lot of space for improvements in various fields. Among them energy consumption and efficiency of current ASIC miners. Dorsey pointed out in the past that it would require an open mining standard that is tackling problems in three aspects. Namely silicon, integration, and software.
Indeed, companies interested in entering the mining industry have a hard time doing so. Mining hardware is hard to come by. It is very common that miners have to pay for their rigs in advance and have to wait long periods of time until the ASICs are produced and shipped.
This creates an entry barrier in the mining industry that is hard to overtake. Unlike mining particular altcoins Bitcoin mining is way more profitable using ASIC miners. Creating an open mining system would remove that pain and allow more investors and businesses to enter the Bitcoin space.
Creating an open mining system is ambitious but not the only effort of Dorsey. He is also looking forward to developing a hardware wallet through his company. Another power move is Dorsey’s initiative for a legal fund that is trying to protect intellectual property that is linked to Bitcoin and its development from malicious actors.
With all these projects in the making, it is clear that Dorsey indeed meant what he said when he announced during the Bitcoin 2021 in Miami that there is nothing more important in his life than to work on Bitcoin.
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Every year the Bitcoin community is celebrating the fact that somebody bought two pizzas online. This looks a little bit strange at first glance but it is one of the most important moments in Bitcoin’s history. What is Bitcoin Pizza Day all about and why is everybody celebrating it?
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The guys who self-identify as the Taproot Wizards - Eric Wall and Udi Wertheimer - entered the main stage of Bitcoin Miami to loud cheers. After their short and silly wizard dance, the panel discussion started in earnest. But not everyone in the Bitcoin community is a fan of their quirky attitude and projects.
May 19, 2023
We wrote about it earlier: Jason Lowery believes Bitcoin could become the world's reserve currency and that countries should engage in a peaceful "arms race" to mine Bitcoin. He believes Bitcoin is a form of digital property that will be defended similar to how navies secure maritime thoroughfare. Not everyone is sold on this concept. Let's discuss a contrarian view.
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Stablecoin issuer Tether (USDT) in its recent reserves report reveals that the company holds approximately 52 thousand BTC, worth a respectable $1.5 billion. This is only a fraction of its total assets but signals an interesting potential trend of institutions allocating a piece of their capital to Bitcoin.
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