Bitcoin (BTC) Price Tops $62,000 After Jack Dorsey Announces Bitcoin Mining Plans

By Bhushan Akolkar
Published October 16, 2021 Updated October 16, 2021
Best Buy In

DeFi Platform

Exchanges

Wallet

Cash App Jack Dorsey Bitcoin
Image Courtesy of Reuters/Lucas Jackson

Bitcoin (BTC) Price Tops $62,000 After Jack Dorsey Announces Bitcoin Mining Plans

By Bhushan Akolkar
Published October 16, 2021 Updated October 16, 2021

The world’s largest cryptocurrency Bitcoin (BTC) is showing solid strength and has gained another 5% to soar past $62,000 levels moving pretty closer to its all-time high. As of press time, BTC is trading 4.53% up at $62,101 with a market cap of $1.16 trillion.

On-chain data provider Santiment reports that the dormant BTC is moving at an increasingly higher rate. It states:

Bitcoin has jumped to $62.8k Friday, & dormant coins continue to circulate at encouragingly high rates. When the average age of $BTC investments flatten, it encouragingly indicates circulation is moving enough for a #bull run.

Courtesy: Santiment

Jack Dorsey Jumps Into the Bitcoin Mining Game

Sqaure Inc CEO Jack Dorsey is looking to jump into the broader Bitcoin ecosystem. After Square Inc announced to build easy-to-use cold wallet hardware, Jack Dorsey is now stepping into the Bitcoin mining ecosystem. In his announcement on Friday, October 15, Dorsey said:

Square is considering building a Bitcoin mining system based on custom silicon and open source for individuals and businesses worldwide. If we do this, we’d follow our hardware wallet model: build in the open in collaboration with the community.

Iterating his stand further, Dorsey said that mining needs to be more distributed. The tech juggernaut thinks that this will be especially critical after the last BTC is mined. The more decentralized the mining, the more resilient the Bitcoin network becomes. Dorsey says that the core job of the miners has to be to secure settlements of BTC transactions without requiring any trusted third parties.

Furthermore, Dorsey also touched down on the most pressing issue of the mining industry i.e. adopting clean energy mining solutions. “Driving towards clean and efficient energy use is great for Bitcoin’s economics, impact, and scalability. Energy is a system-level problem that requires innovation in silicon, software, and integration,” he added.

Jack adds that the designs of the silicon chipsets have been concentrated by a few companies. This is because Silicon developments are largely expensive and require long-term development. The Square CEO adds that mining has to be easily accessible to all by just plugging into a power source. He noted that his team is working further on this matter.

advertisement

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
831 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

Loading Next Story