Decentralization of BTC and low costs for mining: Jack Dorsey's mission

Jack Dorsey, CEO of Twitter and Square, has long been a great supporter of Bitcoin and firmly believes in its mass adoption, although to date it has some great difficulties in being used as an electronic payment, especially for very low amounts. Lighting Network is increasing the trust of its users and the integration on Twitter has definitely accelerated the process, although it is still a long way from a scalable and cheap network in its fees.

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While Jack works on this fundamental negative aspect of the Bitcoin blockchain, he announced that he is working on an open source system for cryptocurrency mining, increasing decentralization and consequently the security of the network. Starting BTC mining right now is very expensive from an energy point of view and certainly not very simple from a technical point of view.

Creating a simple application is the first step to entice even small users to be part of the network and therefore increase the decentralization that is currently concentrated above all in large farms around the world and concentrated in some areas of Asia and the America. We have seen the effects on the market of the closure of Chinese minigars, the collapse of the hash and the potentially more vulnerable network. A more decentralized network would better mitigate similar issues, decreasing the risks of an attack from outside and inside the blockchain itself.

The CEO of Twitter and Square also said they are working on research and development to provide energy-efficient mining solutions through innovations in silicon, software and integration. Another big obstacle is the energy cost which totally discourages the small investor, especially in countries where electricity has a significant cost compared to others. For example, in this quarter in Europe the cost of energy has increased on average by 20% -30% and starting Bitcoin mining effectively means not earning anything, with the possibility of having to shell out money from one's own pocket and therefore be at a loss.

Jack Dorsey's goal is certainly challenging but technology will be able to support it, for example, it is enough to observe the progress of recent years in the field of computer processors. Greater decentralization of the network, fairer distribution of mining, and wider participation by people, would indeed be the great launching point of Bitcoin and cryptocurrencies into the society of the future.

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