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BTC $29897.11 (2.18%)
ETH $2051.71 (2.11%)
USDT $0.99 (0.06%)
BCH $208.85 (6.07%)
BSV $52.75 (4.22%)
LTC $68.81 (3.95%)
BNB $297.12 (5.66%)
ADA $0.54 (7.15%)
DOGE $0.08 (0.17%)

Jack Dorsey Starts Solo Mining Amid Bearish Market

Jack Dorsey Starts Solo Mining Amid Bearish Market Market News
  • Bitcoin Magazine tweeted that Jack Dorsey is now solo mining.
  • Jack Dorsey’s company is creating a Bitcoin mining system.
  • Crypto market struggles below $2 trillion.

One of the trusted voices in the Twitter community, Bitcoin Magazine tweeted that Jack Dorsey, CEO of Block is now solo mining. The tweet post did not mention any further details about what digital asset Dorsey is mining and the equipment he is using. However, in the past weeks, Dorsey’s company — Block has been actively looking for applicants that could help them in their Bitcoin mining projects.

The tweet post gathered different reactions in the crypto Twitter space. Some are very positive while others express their own opinion about the tweet. Furthermore, the post has been retweeted almost 400 times with more than 4000 likes that continue to rise over time.

In line with the project that Block seeks to create, the company aims to design an ASIC Bitcoin mining system based on custom silicon designs and open-source collaboration. This project is expected to address the energy issues associated with Bitcoin mining. Hence, Bitcoin mining can be more environmentally friendly.

On the other hand, the country of El Salvador also plans to create its mining facility using the volcano’s geothermal energy. It is known in the crypto space that El Salvador is one of the countries that fully embraced the technology of Bitcoin. In fact, Bitcoin is a legal tender in the country.

At the time of writing, the market continues to struggle against the bloodbath bought by the raging bears. The market capitalization of the whole space amounts to $1.7 trillion which is down by almost -50% from its high price of $3 trillion in November 2021.

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A dedicated market analyst focused on the highs and lows of the cryptocurrency market. With a background in Business Administration, he tries to unfold his financial perspective to global readers.