It’s no secret that Jack Dorsey, CEO of Twitter and Square, loves bitcoin, the largest cryptocurrency by market value.
In fact, the bitcoin maximalist has touted it as the most important project in his lifetime to work on, and Square, his digital payments company, bought over $170 million worth of bitcoin earlier this year.
Now, the billionaire CEO is mining it, too. “I’m trying mining with @compass_mining,” Dorsey tweeted on Tuesday.
Compass Mining is a service that hosts, supplies and operates cryptocurrency mining rigs for individual miners who do not want to worry about purchasing and maintaining mining equipment themselves.
Bitcoin operates on a proof of work (PoW) model, where miners must compete to solve complex puzzles in order to validate transactions.
The process isn’t easy: It requires a lot of energy and computer power, which isn’t cheap. The computers themselves, along with other equipment, can also be very expensive. (Some critics say the process of mining is harmful to the environment as well. Others disagree.)
The cost to buy mining hardware from Compass Mining starts at $8,200. Historically, Compass miners earn about $33 in profit per day, according to the company’s website. Twitter and Square CEO Jack Dorsey is ‘trying’ bitcoin mining (cnbc.com)