Twitter, Jack Dorsey And Bitcoin Mining

By Aleksandra Wilson
3 min read September 15, 2021

Jack Dorsey, CEO of Square and Twitter, recently published that he’s currently exploring new horizons by mining Bitcoin. He has been using the services of Compass Mining for the aforementioned task. Compass Mining is a service that hosts and sources significantly powerful mining rigs all over the globe in different facilities. Jack Dorsey has been known for years now for supporting big projects that are centered around Bitcoin. He expressed his BTC preference and even stated that he firmly believes that it can bring peace to the world. Now, his last contribution to the boost of this crypto is that he’s now mining it too.

The Story With Jack Dorsey

On August 15, he replied to a tweet from a user about getting into mining Bitcoin. The statement was simple but straightforward: “I’m trying to mine with Compass Mining too…”. He didn’t have to elaborate on it, Compass made sure to share it with its +25k followers. They just retweeted the comment.

The Background

As it’s well known, Bitcoin is minted through a process called proof of work; such a process is energy-intensive. Computers compete to perform a variety of compounded mathematical calculations in exchange for rewards in crypto. The task is pretty much unpredictable. Miners expand the power of computing. Due to the current price of Bitcoin, the potential reward can be pretty valuable.

Even though it is actually possible to do mining with just a computer at home, the chances of making a big profit out of it are low. The money that you could potentially get out of it would probably not be enough to cover the energy bill. The process of mining demands a vast supply of power. Mining Bitcoin in a profitable way nowadays typically requires computers with extra powerful or personalized ASIC mining rigs.

The Consequences 

The company that Jack Dorsey mentioned in his comment brings the option of finding an ideal location to host a mining rig. You pick the ASIC rig you’d like to buy through Compass Mining, and they set it up and join the pool of mining of your preference. You’ll pay for energy costs for the equipment, and you get the reward from Bitcoin straight into your wallet of crypto.

After Jack Dorsey’s comment, the company decided not to make any specific comment about his activities with the firm. In the end, it was made clear that the company’s primary goal is to encourage anyone who wants to do mining. That by providing access to similar power costs and the supply of hardware and rack space that the best miners in the world enjoy.

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