TwitterAnd Square, INC. CEO Jack Dorsey (Jack Dorsey) posted a post on Tuesday that he was trying to mine bitcoin.
In response to another user's tweet about bitcoin mining, Dorsey wrote, "I'm also trying to use Compass Mining for mining." He didn't elaborate.
Compass Mining is a service that provides hosting, supply and operation of cryptocurrency mining platforms for "miners" who do not want to purchase and maintain their own mining equipment. Prices for mining hardware from Compass mining start at $8200. Historically, Compass miners have made about $33 a day, according to the company's website.
By mining, Bitcoin investors can begin to understand the process directly, rather than just buying digital currency. This is not surprising for Dorsey, who has supported Bitcoin personally and professionally many times in the past. At the B-Word conference hosted by the cryptocurrency Innovation Committee (Crypto Council for Innovation) in July, Dorsey reiterated his enthusiasm for Bitcoin and expressed the hope that it would bring world peace.
At the 2021 Bitcoin Conference in June, Dorsey explained that he saw Bitcoin as a way to prevent currency depreciation and accelerate cross-border capital transfers.