It looks like the popularity and adoption of Bitcoin hasn’t gone anywhere, despite the absurd price drop not long ago.
Square and Twitter CEO Jack Dorsey has now started his own Bitcoin mining operations after already providing long-term support to many other Bitcoin-based projects and operations. Jack Dorsey made some very interesting statements that include deeming Bitcoin as a way of Peace worldwide.
Replying to a tweet from a Twitter user about his involvement in Bitcoin mining, Jack said that he is currently utilizing the services of Compass Mining to perform mining operations, on which Jack did not go into much further detail. Official Twitter account retweeted Jack’s response tweet to its more than 25,000 followers worldwide.
Background of Bitcoin and Compass Mining’s Goal
Bitcoin mining is something very challenging, as many powerful systems are trying to battle on which will outsmart the other ones faster. These systems solve a series of highly detailed mathematical equations in return for prizes in cryptocurrencies. This process is mainly known as Proof-of-Work, which means that it is a very energy-demanding process. As more and more powerful machines are in competition, someone with a small house-based setup is very unlikely to make any money because of the absurd amount of electricity bill they will have to cover.
To counter this issue, Compass Mining has come up with a very nice and unique strategy that can help out miners in achieving what they desire. Compass Mining allows buyers to purchase proper ASIC mining rigs, which are then set up in a large-scale mining facility, so the buyer only has to cover up the electricity cost and, in return, will be reward with all of the Bitcoin mined directly into a secure crypto-based wallet.
Compass mining has a limit of one machine per person in order to accommodate more buyers and make sure that machines are available. However, these mining machines aren’t something readily available, a single machine can cost nearly $8000, so it is definitely quite an important investment. Taking into consideration the current price of electricity, Compass mining is able to gain $33 per day profit from their mining rigs set up, which can change, depending upon the price of the crypto.
Rich Equals less Risk
Although there are several risks in mining Bitcoin, considering Jack Dorsey’s multi-billionaire value, it is not something that can make much of a difference.