Monday, June 23, 2025
  • About us
  • Economic Calendar
  • Price Predictions
  • Coins Alerts
  • Crypto Portfolio Tracker
  • Exclusively from Our Partners
Cryptheory
  • Cryptocurrency List
  • Cryptocurrency
    • Cryptocurrency Exchanges
      • Top exchanges for trading Bitcoin derivatives
      • How to buy bitcoin without KYC
      • How to Trade Bitcoin – best platforms
      • Best platforms to buy Bitcoin by debit or credit card
      • Platforms for Grid Trading
      • BYDFi: Review and Guide
      • BingX: Review and Guide
      • Kraken: Review and Guide
      • Bybit: Review and Guide
      • Bitpanda: Review and Guide
      • Phemex: Review and Guide
      • Huobi: Quick Guide
      • Binance: Review and Guide
        • Binance Futures Guide
    • Bitcoin
    • Tether
    • XRP
    • Dogecoin
    • Avalanche
    • Stellar
    • The Open Network
  • crypto news
  • Crypto Exchanges Info
  • Analysis
  • Attractions
No Result
View All Result
  • Cryptocurrency List
  • Cryptocurrency
    • Cryptocurrency Exchanges
      • Top exchanges for trading Bitcoin derivatives
      • How to buy bitcoin without KYC
      • How to Trade Bitcoin – best platforms
      • Best platforms to buy Bitcoin by debit or credit card
      • Platforms for Grid Trading
      • BYDFi: Review and Guide
      • BingX: Review and Guide
      • Kraken: Review and Guide
      • Bybit: Review and Guide
      • Bitpanda: Review and Guide
      • Phemex: Review and Guide
      • Huobi: Quick Guide
      • Binance: Review and Guide
        • Binance Futures Guide
    • Bitcoin
    • Tether
    • XRP
    • Dogecoin
    • Avalanche
    • Stellar
    • The Open Network
  • crypto news
  • Crypto Exchanges Info
  • Analysis
  • Attractions
No Result
View All Result
Cryptheory
No Result
View All Result

Jack Dorsey wants to mine BTC

by Margharet Tess
October 19, 2021
in Cryptheory News
Reading Time: 4 mins read

Table of Contents

  • “The more decentralized, the more resilient”?
  • Dorsey sees the energy problem at the system level
  • What are the biggest hurdles to running miners?
  • Too expensive silicon and missing “single system”

Jack Dorsey wants to mine BTC

Will everyone soon have a BTC miner in their living room? Yes, says Square CEO Jack Dorsey.

Jack Dorsey, CEO of Square Inc. and a big BTC proponent, gave up his company’s consideration of getting into BTC mining on October 15th Twitter announced. Even if the way is still unclear, Dorsey emphasizes the methodology: Should Square set up a mining system, then the company would do so in the spirit of the open source idea and practice transparency. Dorsey names Jesse Dorogusker, Hardware Lead at Square, as the person responsible.

The aim of the company is to greatly reduce the complexity of mining so that private individuals can also participate in mining. This intention is coherent with the general vision of the financial services company to make the financial system “fairer, more accessible and more inclusive”.

In his post, Dorsey points out five reasons for his motivation to get involved in BTC mining. He demands:

  • Mining needs to be more distributed.
  • Mining has to become more efficient.
  • Chip production must be more decentralized.
  • There is not enough focus on vertical integration.
  • Mining is not available to everyone.

After further elaborating these reasons in his posts, he asks the community for their opinions and explicitly asks to answer the question: “Should we [Square] the [Entwicklung des Bitcoin-Mining-System] to do? Why or why not?”.

“The more decentralized, the more resilient”?

BTC’s resilience grows with its decentralization, Dorsey said. For the continued existence of the cryptocurrency, it is therefore essential that BTC is decentralized – and above all remains. BTC has to be decentralized even after reaching the 21 million mark. The course must therefore be set at an early stage.

Most of his followers agree with this statement. However, some point out that the current structure, which is based on mining pools, makes it difficult to enter the market. This is because the greater the chances of “finding” the hash values ​​in order to validate the blocks, the greater the performance of the (mostly) ASIC miner. Accordingly, a lot of capital and computing power would have to be used to compete with the current big players.

Dorsey sees the energy problem at the system level

In his second comment, Dorsey urges:

Mining has to become more efficient. The pursuit of clean and efficient energy use is great for BTC’s economy, impact, and scalability. Energy is a system-level problem that requires innovations in silicon, software, and integration. What are the biggest options here?

Jack Dorsey, Twitter

The community has very different ideas here. One option that is often mentioned is the expansion of renewable energies. In addition to wind, water and geothermal energy, forms of nuclear energy generation are also named. In addition, some users suggest using the heat generated during mining to heat houses or greenhouses, for example:

Excess heat from mining can be used to heat homes in winter, or the greenhouse to extend the growing season and lots more, winter is easy.
In the summer the pool and the hot water tank still needs heating, clothes dryer, there are ways to make an evaporation fridge using heat ++

– Rocket-Powered-Tardigrade⚡️↗️ (@_o_o_o_oOo_oOo) October 16, 2021

What are the biggest hurdles to running miners?

Jack Dorsey demands in point five that BTC mining should be as simple “as connecting a rig to a power source”. According to his followers:

  • the cost of electricity
  • the cost of acquiring and maintaining the hardware
  • the volume caused by mining
  • the volts power that comes out of the socket in some countries
  • the effort that arises from KYC regulations
  • access to chips and mining pools

Too expensive silicon and missing “single system”

In addition, the 44-year-old CEO addresses the problems of the silicon shortage to create the necessary chips and the lack of focus on vertical integration for mining. In the first case, this means that companies would not get into the business precisely because of the costs and effort involved. One of Dorsey’s followers also puts forward the thesis that most silicon chip developers are currently working at Apple and that, as a result, there is a talent shortage for many other companies.

Regarding the second question about a “vertical integration” Apple changes sides as a good role model. One comment stated that “having the whole product is key” to success. For mining, this would mean that hardware, software, production and sales should come from a single source (“single system”) in order to create greater incentives for mining operations. Whether Dorsey intends to create such a system is not clear from his Twitter posts. Instead, it is only certain that he and his team around Dorogusker will weigh up whether creating a “single system” would help to make mining more accessible. This means that the decentralization that Dorsey is striving for will be maintained even after the last BTC has been mined.

How to Trade on Binance (2021)

  • Author
  • Recent Posts
Margharet Tess
Margharet Tess
Editor, Developer at Cryptheory Labs
I have been active in the cryptocurrency world for over 6 years, during which I have written countless articles about this sector. What fascinates me most about cryptocurrencies is their technological aspect and the problems they aim to solve. In the past three years, I have ventured into app development and am currently working on a larger project called P2E Buzzer. Stay tuned for the surprise. 🙂 My previous experiences: Business2Community.com, TradingPlatforms.com
Margharet Tess
Latest posts by Margharet Tess (see all)
  • Bitcoin at $104K: Spoofers, Liquidations & Degens – Welcome to the Danger Zone - June 20, 2025
  • How to Trade Meme Coins in 2025: A No-BS Guide for Degens and Smart Investors Alike - June 9, 2025
  • Who Really Makes Bank on Memecoins – And Why It Ain’t You, You Beautiful Degenerate - June 4, 2025
Tags: Bitcoin miningJack Dorsey
Previous Post

Success with BTC ETFs and other regulations – overview

Next Post

Shiba Inu on Robinhood? More than 250,000 people have already signed the petition

Related Posts

Altseason Is Coming: Time to Saddle Up, Degens
Cryptheory News

Altseason Is Coming: Time to Saddle Up, Degens

June 20, 2025
Bitcoin at $104K: Spoofers, Liquidations & Degens – Welcome to the Danger Zone
Cryptheory News

Bitcoin at $104K: Spoofers, Liquidations & Degens – Welcome to the Danger Zone

June 20, 2025
Stablecoin Scrutiny: From Tether’s Launch to MiCA’s Dawn, Regulators Are Watching
Cryptheory News

Stablecoin Scrutiny: From Tether’s Launch to MiCA’s Dawn, Regulators Are Watching

June 12, 2025
June 15th: The Altcoin Apocalypse or Your Ticket to a Lambo? Let's F***ing See.
Cryptheory News

June 15th: The Altcoin Apocalypse or Your Ticket to a Lambo? Let’s F***ing See.

June 11, 2025
SOL's Big F***ing Breakout: Why Solana's About to Send You to the Moon
Cryptheory News

SOL’s Big F***ing Breakout: Why Solana’s About to Send You to the Moon

June 10, 2025
Crypto Trading Tips for June 5, 2025: Navigating the Binance Spot Market
Cryptheory News

Crypto Trading Tips for June 5, 2025: Navigating the Binance Spot Market

June 5, 2025
Spot Market Flexes and Derivatives Cry in the Corner: How Does It Look On-Chain?
Cryptheory News

Spot Market Flexes and Derivatives Cry in the Corner: How Does It Look On-Chain?

May 15, 2025
Ethereum is Waking Up: What On-Chain Data Really Says
Analysis

Ethereum is Waking Up: What On-Chain Data Really Says

May 14, 2025
EU Wants to Track Your Crypto Like a Hawk – and They’re Not Even Sorry
Cryptheory News

EU Wants to Track Your Crypto Like a Hawk – and They’re Not Even Sorry

May 9, 2025
Please login to join discussion
Track all markets on TradingView
Score: 0
Game Over

Popular

What is Altcoin: Unveiling the World of Alternative Cryptocurrencies in 2025

What is Altcoin: Unveiling the World of Alternative Cryptocurrencies in 2025

June 18, 2025
Bitcoin at $104K: Spoofers, Liquidations & Degens – Welcome to the Danger Zone

Bitcoin at $104K: Spoofers, Liquidations & Degens – Welcome to the Danger Zone

June 20, 2025
Dogecoin's Wild Ride: A Charts-and-Giggles Exposé on Who Really Got Rekt (It Was Probably You)

Dogecoin’s Wild Ride: A Charts-and-Giggles Exposé on Who Really Got Rekt (It Was Probably You)

June 6, 2025
Ethereum Price Analysis & Trading Tips: Triangle Squeeze and RSI Shenanigans – WTF Happens Next?

Ethereum Price Analysis & Trading Tips: Triangle Squeeze and RSI Shenanigans – WTF Happens Next?

June 18, 2025
Analysis & Trading Tips June 10, 2025: Dogecoin Is Barking Again

Analysis & Trading Tips June 10, 2025: Dogecoin Is Barking Again

June 10, 2025
Altseason Is Coming: Time to Saddle Up, Degens

Altseason Is Coming: Time to Saddle Up, Degens

June 20, 2025
Staking: Is it Just a Fancy Ponzi Scheme? Let's Get Real.

Staking: Is it Just a Fancy Ponzi Scheme? Let’s Get Real.

June 11, 2025
June 15th: The Altcoin Apocalypse or Your Ticket to a Lambo? Let's F***ing See.

June 15th: The Altcoin Apocalypse or Your Ticket to a Lambo? Let’s F***ing See.

June 11, 2025
How to Trade Meme Coins in 2025: A No-BS Guide for Degens and Smart Investors Alike

How to Trade Meme Coins in 2025: A No-BS Guide for Degens and Smart Investors Alike

June 9, 2025
The Hottest Female Characters in PC Games: A Deep Dive into Digital Desirability

The Hottest Female Characters in PC Games: A Deep Dive into Digital Desirability

June 5, 2025

⭐ What Type of Crypto Investor Are You? (v2)

1. How do you DYOR (Do Your Own Research)?

2. Your first reaction to a 10x pump?

3. What’s your opinion on memecoins?

4. Where do you stake your crypto?

5. What’s your exit strategy?

6. How do you pick your next investment?

7. Favorite kind of airdrop?

8. What’s your approach to NFTs?

9. How do you store your crypto?

10. What's your long-term crypto goal?

Crypto News

Bitcoin

Ethereum

Altcoins

Cryptocurrency

Platforms for Copy Trading

Platforms for Grid Trading

Glossary of trading and crypto terms

Crypto Portfolio Tracker

 

Cryptheory Labs Projects

Guest Post for Free

On our website, you can share your opinions and insights. This feature is reserved for non-promotional articles. We are already working on a system for donations and rewarding every author.

This website is here for those of you who want to be at the forefront of innovation and new technologies like Bitcoin. But first, we need to tackle the challenges and survive in the unforgiving world of crypto assets. THIS IS CRYPTHEORY!

Follow Us

  • Terms Of Use
  • Privacy Policy
  • About us
  • Contact us

© 2024 Cryptheory - F**k the forex, we want gains!

Shiba Inu loading
No Result
View All Result
  • Cryptocurrency List
  • Cryptocurrency
    • Cryptocurrency Exchanges
      • Top exchanges for trading Bitcoin derivatives
      • How to buy bitcoin without KYC
      • How to Trade Bitcoin – best platforms
      • Best platforms to buy Bitcoin by debit or credit card
      • Platforms for Grid Trading
      • BYDFi: Review and Guide
      • BingX: Review and Guide
      • Kraken: Review and Guide
      • Bybit: Review and Guide
      • Bitpanda: Review and Guide
      • Phemex: Review and Guide
      • Huobi: Quick Guide
      • Binance: Review and Guide
    • Bitcoin
    • Tether
    • XRP
    • Dogecoin
    • Avalanche
    • Stellar
    • The Open Network
  • crypto news
  • Crypto Exchanges Info
  • Analysis
  • Attractions

© 2024 Cryptheory - F**k the forex, we want gains!

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.