Forex Analysis & Reviews: 17.01.2022 - Jack Dorsey presents a...

17.01.2022 11:25 PM

Jack Dorsey presents a completely new and unprecedented bitcoin mining system

Jack Dorsey presents a completely new and unprecedented bitcoin mining system that will be available for every decentralized and unlimited Internet.

On Friday, Dorsey's company Get Square, Inc., which used to be called Square, published tweets about the launch of this mining system. The company wants to make mining known to everyone, as well as accelerate its efficiency and availability.

Now everyone can try to be a miner and see the mining process itself from the outside - maintenance, settings. This mining system will be publicly accessible, understandable, and as fast as possible, if compared with the speed of mining itself.

It will cost $2 for 2 months for a trial subscription, where you can have unlimited access to the application itself, the company's website, and contacts for communication. Dorsey's company wants to make mining accessible and simple for every inhabitant of this planet by creating this system.

Bitcoin is developing by leaps and bounds and growing annually, thereby attracting the eyes of new investors, respectively, people should know about the process of extracting these bitcoins - about mining.

Dorsey stated: "Making mining more decentralized is a long-term need for the future, which should be implemented as soon as possible."

Last year, China banned mining, thereby forcing the miner to move to friendly Texas. This year, due to mass riots in Kazakhstan, the Internet was turned off in the country and miners stopped mining bitcoin.

This system will be very necessary in the current realities. Dorsey wants to make mining one hundred percent decentralized, this is what is needed in the 21st century.

While bitcoin works on the proof-of-work model, and there are no prerequisites for switching to the proof-of-stake model, miners have to work tirelessly to mine bitcoin. This requires incredible computer power and consumes a lot of energy.

If no more renewable energy sources are used, then the amount of electricity used will grow exponentially. Jack Dorsey is a bitcoin whale, one of the main supporters of the cryptocurrency.

He even left his post as director of Twitter to work on the development of various projects on bitcoin. At the moment, this system is one of his main developments and ideas regarding bitcoin.

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