In fact, yesterday, in response to a tweet from Andrew Kitt announcing that he had started mining bitcoin thanks to Compass Mining, Dorsey replied that he has started doing the same thing.
To mine bitcoins profitably nowadays it is necessary to have special hardware specialized in the extraction of cryptographic hashes that validate the blocks.
The company is in fact promoted by Kitt and Dorsey and offers a consultancy and assistance service to guide those who want it to purchase and configure the devices necessary to be able to mine bitcoins.
However, it should be emphasized that, although the company’s slogan is “now everyone can mine bitcoins”, the purchase of these machines requires a not particularly cheap investment and certainly their services are not free.
Therefore, while this can be a service that can help anyone who wants to start mining bitcoin, the initial investment costs actually cut off an important slice of the population.
Indeed, to tell the truth, it is precisely the same bitcoin mining that is now increasingly the prerogative of those who have significant sums of money to invest.
However, it is sufficient that the miners are many, and in competition with each other, to ensure that this mining feature does not have a real impact on the functioning of the Bitcoin protocol.
Jack Dorsey’s contribution to Bitcoin mining
From this point of view, the role of a well-known figure like Jack Dorsey can make a huge contribution, especially in this historical period in which less and less is mined in China, while in the USA it is mined more and more , despite the high consumption. of electricity that all this entails.
In fact, Dorsey’s example could convince other wealthy people to invest a part of their money in BTC mining activities, thus making this activity increasingly decentralized.
On the other hand, investing in bitcoin mining is also a way to diversify your investments, although it is not at all a mere financial investment but a real production activity, complete with machinery to buy, install, configure and operate properly. .
Finally, it should be remembered that for some time now bitcoin mining has returned to being a decidedly profitable activity.