Bitcoin Magazine recently revealed in a tweet that former Twitter CEO Jack Dorsey, who is now the CEO of Block, is solo mining. While the tweet didn’t mention any specifics regarding which crypto asset he’s mining and what kind of equipment he’s using, Block has been working hard on its current Bitcoin mining projects. It has even been actively accepting applications from interested participants.
Unsurprisingly, the tweet garnered polarizing reactions from the crypto community on Twitter. Some users had positive comments about the matter, while others weren’t as nice. At the time of writing, the tweet has over 4k likes, 404 retweets, and 21 quote tweets, and these figures continue to increase as time passes.
As far as we know, Block is currently looking to develop an ASIC Bitcoin mining system. This mining system will be designed according to custom silicon design and will feature open-source collaboration. Block’s ongoing project will supposedly address the impact that Bitcoin mining has on energy and the environment. In other words, they’re seeking a way to make BTC mining more environmentally friendly.
In other news, El Salvador also has plans to build a mining facility with geothermal energy from the volcanos in the region. El Salvador is famous in the crypto space for being one of the countries that have entirely accepted blockchain technology, specifically Bitcoin. Believe it or not, Bitcoin is even a legal tender there.
At this time, the crypto market is still on a bearish trend, with countless assets in the red zone. The market capitalization of the entire space was once $3 trillion in November 2021, but now it’s down by nearly 50% at $1.7 trillion.