Jack Dorsey’s enigmatic tweet sets Bitcoin (BTC) mining rumours ablaze

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The Amer­i­can bil­lion­aire tech­nol­o­gy entre­pre­neur, Jack Dorsey, best known as the co-founder and CEO of Twit­ter and the founder and CEO of the finan­cial ser­vices and dig­i­tal pay­ments com­pa­ny Square, left the cryp­to com­mu­ni­ty on Twit­ter won­der­ing what is implied with the enig­mat­ic num­ber ‘705742.’

The ambi­gu­i­ty of his short numer­ic tease opened up the flood­gates to rumors relat­ing to Dorsey’s recent­ly dis­closed Bit­coin (BTC) min­ing plans. 

The mining enigma

On Tues­day, while the entire cryp­to mar­ket focused on the Bit­coin price momen­tum, Dorsey tweet­ed out a sim­ple six-dig­it fig­ure, spurring inter­est among his 5,7 mil­lion followers.

“Off by 117,” read Dorsey’s fol­low-up tweet, after the price of Bit­coin offi­cial­ly topped its pre­vi­ous record.

Dorsey’s ambigu­ous tweet led some com­men­ta­tors to guess that the fig­ure implied his “block num­ber” pre­dic­tion for when Bit­coin would sur­pass last April’s all-time high (ATH).

The noto­ri­ous Bit­coin advo­cate tweet­ed his enig­mat­ic tease just a few days after he dis­closed Square’s lat­est plans to fur­ther democ­ra­tize the lucra­tive Bit­coin min­ing business. 

Square’s open-source mining system 

Last Fri­day, Dorsey revealed on Twit­ter Square’s lat­est inten­tions to bring Bit­coin min­ing to the masses.

Accord­ing to him, the com­pa­ny “is con­sid­er­ing build­ing a Bit­coin min­ing sys­tem based on cus­tom sil­i­con and open source for indi­vid­u­als and busi­ness­es worldwide.” 

He under­scored the imper­a­tive to con­tin­ue to “build in the open in col­lab­o­ra­tion with the com­mu­ni­ty” and added the min­ing sys­tem would fol­low the “hard­ware wal­let model.” 

“Min­ing needs to be more dis­trib­uted,” he not­ed, remind­ing how “the more decen­tral­ized this is, the more resilient the Bit­coin net­work becomes.”

“Ener­gy is a sys­tem-lev­el prob­lem that requires inno­va­tion in sil­i­con, soft­ware, and inte­gra­tion,” he said, touch­ing on the impor­tance of improv­ing clean and effi­cient ener­gy use.

“Bit­coin min­ing should be as easy as plug­ging a rig into a pow­er source. There isn’t enough incen­tive today for indi­vid­u­als to over­come the com­plex­i­ty of run­ning a min­er for them­selves,” Dorsey con­tin­ued, argu­ing that min­ing should become more acces­si­ble to everyone.

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