Jack Dorsey, CEO Of Twitter And One Of Bitcoin’s Digital Currency Whales, Is Increasing The Number Of Bitcoins He Mines Through Bitcoin Hosting Services.

In recent years, Twitter and Square CEO Jack Dorsey has always been a big fan of Bitcoin, supporting various Bitcoin-focused projects. He has shown great interest in the white paper of the main digital currency, bitcoin, and believes that bitcoin shows the way to world peace. Jack Dorsey has now added a new section to his resume by extracting bitcoins.

Dorsey wrote last week in response to a user tweet about entering the Bitcoin mining arena:

I am also extracting bitcoins using the Compass Mining service.

Dorsey did not share many details about his extraction process, But Camp Mining has explained.

👀 https://t.co/U8QJI7Zs89

– Compass Mining 🧭 (@compass_mining) August 17, 2021

As you know, bitcoins are mined through a process of proof that requires a lot of energy, and computers compete with each other to perform calculations of very complex mathematical equations to win digital currency rewards. Miners increase their computing power to increase their chances of receiving digital currency rewards. Working together increases their chances of gaining access to cryptocurrencies, which is quite cost-effective given the bitcoin price in transactions.

It is technically possible to extract bitcoins with an average home computer, But, likely, its efficiency and the amount of reward received in this method will not be wasted. In fact, the passwords you receive may not even be enough to pay your electricity bill. Making money today with bitcoin mining requires powerful supercomputers or pebbles consisting of multiple ASICs.

Camping Mining provides a way for users to enjoy a wealth of ASIC miners without the hassle of having to wait in line to buy it and find a place to launch their hardware.

But what is the mechanism of the mining camp?

First, you have to buy the ASIC rig you want through the company to prepare it and install it in one of its special extraction spaces worldwide. The mining rig then launches the user and connects to one of the customer’s desired mining pools. Finally, the customer has to pay for the electricity consumed by Miner, and the bitcoins extracted by Rig Miner are sent to his digital currency wallet.

Camps did not comment specifically on the Dorsey bitcoin mining process. Still, a company representative told the Decrypt news website that the minimum order size is an ASIC single rig, and you do not need to pay a lot to start and buy multiple rigs.

Says Zack Wool, Content and Research Director at Camp Mining:

The purpose of the Mining Camp is to allow anyone to mine bitcoins by providing access to the same cost of electricity, similar hardware support, and the miner startup space used only by mining giants.

Of course, setting up a mining rig is not a small investment. As of this writing, the Composer offers Antminer pebbles with a minimum price of $ 8,200 and an extended waiting time until May 2022 (May 1400). So given the current price of Bitcoin at $ 45,800, which has grown by more than 50 percent since the beginning of 2021, and given the severe market downturn in May, it can still be considered a thriving investment.

The campus currently estimates the daily profit at $ 33 per day, taking into account the electricity cost of the gravel; Of course, the amount of profit per day can be different from the other day.

Finally, given Jack Dorsey’s net worth of $ 14.6 billion, according to Forbes, it probably won’t pose much of financial risk and pose little risk to him.

What do users think about bitcoin mining through intermediaries? Doesn’t this process threaten the decentralized nature of the Chinese bloc?

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