Jack Dorsey Advocates Decentralization of Mining Pools
Date: 2024-01-29 Author: Dima Zakharov Categories: BUSINESS
Jack Dorsey, the well-known tech entrepreneur, recently spoke at a mining conference, shedding light on his strong support for Bitcoin and the need for decentralization in the crypto mining sector. According to Dorsey, Bitcoin relies on a global energy infrastructure that has the potential to modernize and expand further.
Furthermore, Dorsey expressed his concerns about the centralization of mining pools within the Bitcoin network. He emphasized that Bitcoin is a decentralized network, and it should not fall under the control of any single team or group of miners. Currently, 11 mining pools dominate the majority of Bitcoin's hashing power, posing challenges to the Bitcoin ecosystem. Dorsey believes that encouraging the emergence of more pools is crucial to fostering healthy competition.
Jack Dorsey also highlighted Africa's pivotal role in the future expansion of Bitcoin's infrastructure. He sees the continent as a significant player in the cryptocurrency space in the coming years.
Cathy Wood, the CEO of Ark Invest, echoed Dorsey's sentiments, stating that Bitcoin has the potential to modernize the global payment system. She considers cryptocurrency one of the most reliable investments in today's market. As Bitcoin continues to evolve and gain traction, its influence on the world's financial landscape is set to grow.
