Jack Dorsey has proven himself to be a major bitcoin fan over the years. Now, he is taking that fandom to a whole new level.
Jack Dorsey Is “Trying” Mining
The man behind both Twitter – one of the largest social media platforms in the world – and Square, a digital payments platform, announced that he is trying his hand at bitcoin mining. This shouldn’t come as a surprise to anyone who has been monitoring Dorsey’s bitcoin career, as the man was one of the first institutional players to purchase bitcoin with company funds.
Dorsey paid for $50 million worth of bitcoin in October of 2020, and several months later, added another $120 million to his stash, thereby bringing his total to $170 million. Dorsey was the second institutional investor behind MicroStrategy, a software enterprise.
However, Dorsey has also served as a transaction validator of bitcoin in the past, thereby bringing his power in the arena to new heights. Now that he is mining, there is no telling what will happen – especially given that during a previous bitcoin conference in Florida, Dorsey announced that his company Square was looking into building a new mining firm.
It is unclear if this is the start of those big plans or if it’s a separate venture. Either way, Dorsey announced on social media:
I’m trying mining with @compass mining.
It’s a daring move, and one that’s likely to stir up controversy amongst even Dorsey’s most loyal fans. Over the past several months, the notion of bitcoin mining has caused all environmentalists to gather in a circle and claim that the process is somehow damaging Earth’s environment. They all say it is leading the planet down a dark path, but it’s not just social media naysayers that are boasting this opinion. These words are also coming from the likes of crypto leaders such as Elon Musk of SpaceX and Tesla fame, as well as Kevin O’Leary from the television program “Shark Tank.”
Musk was initially all set to allow customers to purchase Tesla vehicles with bitcoin and crypto, though just a few weeks later, he switched up his mindset and changed his thoughts to reflect growing fear surrounding the process of bitcoin mining. He was quick to suggest that mining was setting the planet behind, and he wasn’t willing to allow bitcoin payments until emissions went down and miners used more renewable energy.
Controversy Over the Process
O’Leary has also stated that he will no longer be purchasing any more coins mined in China given that the country is not known for obeying environmental laws.
Compass Mining is a firm that both hosts and operates mining rigs for miners granted they do not have the funds to purchase the materials themselves. However, it will also provide equipment and supplies for anyone looking to start their own projects.