Jack Dorsey, CEO of Twitter and Square, is recognized as a maximalist of bitcoin (BTC), which he considers the most important project in his life. He has now admitted that he is experimenting with digital mining.
“I’m trying to mine with Compass Mining,” Dorsey tweeted on Tuesday. In doing so, he made it clear that is testing a service that hosts, supplies and operates cryptocurrency mining equipment for individual miners who don’t want to worry about operating it themselves. In itself, the startup seeks to expand its participation in Bitcoin mining, intervening in an industry dominated by large data centers.
On its website the company details that it has facilities in several places where energy costs are low. Compass Mining customers can purchase equipment that is installed mining there and, therefore, benefit from low costs .
The company offers packages that include the purchase of the equipment, its installation, hosting and processing. This is a model similar to that offered by cloud mining services.
“Each miner’s deposit will be returned after the 12-month hosting period ends,” says Compass Minning on their website. Although it also offers other packages in which the client has the option to buy their own BTC mining equipment.
For Of course, there is an income model behind this and although it does not offer guarantees, it is shown as an easy way to enter the world of bitcoin mining with high performance equipment .
Dorsey has not revealed how many teams he has in operation and his concise tweet does not reveal much information about how his experience is going. However, as indicated by the company, from February to July 2022 it will have access to new Antminer S19j Pro 100TH units, one of the most powerful equipment for the extraction of cryptocurrencies.
Can anyone remotely mine bitcoin?
The CEO of Twitter commented on a tweet from a user who claimed to have entered the world of bitcoin mining after of several unsuccessful attempts. Such comments aroused the curiosity of hundreds of tweeters who expressed their doubts about the possibilities of accessing BTC mining without requiring large sums of money.
Adam Gitzes, Product Manager at Compass Mining talks about his own experience with remote bitcoin mining. He started in this activity as another miner in September 2020, but a few months later he achieved a change in his career by joining the company’s management team.
To begin with, Gitzes bought two equipment miners, but currently he has six in which he has invested almost USD 50,000, a sum that is not available to anyone who wishes to venture into remote bitcoin mining.
However, Gitzes He adds that little by little he has begun to recover his investment generating 0.0048 BTC per day or USD 220, according to the calculator of this digital newspaper. And since the average cost of daily energy is USD 30, your profit would be in the order of USD 5,700 per month.
However, a high investment should not be any difficulty for a billionaire like Jack Dorsey. For this reason, it is not explained why they will have preferred to experiment with a third-party service, instead of starting up, even if it is a small center for digital mining to test more properly.
It is a good time to mine bitcoin
Now Gitzes is convinced that it is a good time to dabble in BTC mining, as the hash rate has dropped, As pointed out to the Business Insider media.
As large mining farms in the Asian country have been shut down, the miners that continue to operate have a greater opportunity to expand their profits. “As the difficulty rate increases when miners leaving China relocate to new facilities, the amount of bitcoins that can be mined will decrease,” Gitzes added.
In my opinion it will take some time for the hash rate to return to its current level due to lack of infrastructure in worldwide.
Adam Gitzes, Compass Product Manager Mining.
Gitzes not only sees remote mining as a good investment strategy, but also as a way to combat the centralization of mining and strengthen the network.
As far as Jack Dorsey is concerned, he is trying to include Bitcoin in all his projects. He has even pointed out that cryptocurrency will be a fundamental part of the future of Twitter, although in reality he has not revealed much about this aspect.
However, as reported by CriptoNoticias last year, Dorsey believes that the system decentralized bitcoin could provide peace of mind to Twitter regarding the security of the social network.
The programmer aims to build a new decentralized protocol in which Twitter runs as a client for users to «keep a broader conversation, that anyone has access and that anyone can contribute. ”
