Jack Dorsey’s enigmatic tweet sets Bitcoin (BTC) mining rumours ablaze 🚨 This article is 3 years old...
Jack Dorsey’s enigmatic tweet sets Bitcoin (BTC) mining rumours ablaze
The crypto community was left guessing and rumouring about the hidden message behind Jack Dorsey’s recent tweet.
2 min read
Updated: Oct. 24, 2021 at 4:21 am UTC
Photo by Akshar Dave on Unsplash
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.
705742
— jack⚡️ (@jack) October 19, 2021
“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).
I think guessing which #btc block we're at when we break ath is more likely what he's alluding to ?
— J HODL (@sathungrysimp) October 19, 2021
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.
You think @jack mined the #bitcoin for block 705742 with that new miner stuff he was talking about doing?
— Gabe Harris (@gabeh730) October 20, 2021
Square’s open-source mining system
Last Friday, Dorsey revealed on Twitter Square’s latest intentions to bring Bitcoin mining to the masses.
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. First some thoughts and questions.
— jack⚡️ (@jack) October 15, 2021
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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Jack Patrick Dorsey, born on November 19, 1976, is a testament to the American dream of innovation and entrepreneurship.