By Shelly Melancon (Switzerland)
Jack Dorsey’s recent tweet has left the crypto community in confusion, as several people speculate on the meaning of his tweet. Different theories and rumors are being touted to explain what his enigmatic tweet could mean. The co-founder and CEO of Twitter left many people in confusion when he tweeted the number ‘705742’ on his Twitter page. Jack Dorsey is also the founder and CEO of Square, a financial service company.
Due to the ambiguity of the number he posted on his Twitter handle, this has led to many rumors involving his plans to engage in Bitcoin (BTC) mining. Some speculate that the number is related to his Bitcoin mining plans.
The Enigma
The price of Bitcoin has been gaining momentum and has been the focus of the entire crypto market. Jack Dorsey’s tweet came amidst this rising momentum and generated interest amongst his millions of followers following his six-digit number tweet. He followed up his initial tweet of ‘705742’ with another tweet that says ‘off by 117’.
The follow-up tweet ‘off by 117’ was tweeted after the price of Bitcoin reached a new all-time high and broke the previous record. Due to the timing of the follow-up tweet and the ambiguous tweet by Jack Dorsey, some are of the opinion that the figure he posted is actually a prediction of when Bitcoin will break the previous all-time high price record. Hence, the figure ‘705742’ is said to be Dorsey’s block number prediction regarding how high the price of Bitcoin will rise.
Also read:The tweet by the CEO of Square is coming days after he revealed the plan to make Bitcoin mining business more democratic.
Square’s Plans To Make Mining More Accessible
Jack Dorsey disclosed through a series of tweets the plan of Square to make Bitcoin mining accessible to the masses. He revealed that they are thinking about using custom silicon as basis for a Bitcoin mining system, while making it open source for individuals and businesses around the world.
He is of the view that they should continue building openly while collaborating with the community. He also revealed that the mining system being considered will follow the hardware wallet model. He considers decentralized mining operations as being superior to a more centralized mining system. This is because decentralization of the mining process will confer resilience on the Bitcoin network, hence he thinks mining should be more distributed.
An important issue facing the Bitcoin mining industry is the energy usage and the possible environmental effect of Bitcoin mining. Dorsey thinks it’s important to solve the energy problem which he considers a system-level problem that will depend on improvement in silicon, software and integration. Hence, provision of clean and efficient energy will be important for Bitcoin mining and also for other human enterprises.
Jack Dorsey also believes that mining should be made more accessible to everyone, and it can become as simple as plugging a rig to a power source. He thinks the process of mining has become too complex that it discourages people from engaging in it.
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