Jack Dorsey Dives Deeper into Crypto, Ventures into Bitcoin Mining Hardware

Twitter co-founder Jack Dorsey is plunging further into the crypto industry. After stepping down from Twitter, he devoted his efforts to Block, formerly known as Square. The company’s involvement in Bitcoin is not new, having integrated a crypto wallet into the Cash App recently, according to cryptonomist. 

Dorsey is not limiting his focus to financial services in the crypto space. He has ventured into the core network development of Bitcoin, often referred to as layer-1. His new initiative is a special hardware for mining Bitcoin. Rumor has it that Block will launch this new hardware in early 2024, potentially as a full set of Bitcoin mining tools. No further details are available at this point.

This move coincides with the all-time high in Bitcoin hashrate. The demand for mining hardware is predicted to surge. Especially since the next halving, scheduled for the second quarter of next year, will reduce the reward assigned to miners. The new hardware from Block might satisfy this demand.

As a Bitcoin maximalist, Dorsey is known for embracing the cryptocurrency’s philosophy. He’s a firm believer in decentralization, a principle he claims Bitcoin embodies better than any other cryptocurrency. This new venture cements his dedication to Bitcoin and the crypto industry as a whole.

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