Bitcoin (BTC) Highlights of the Week – As Adoption Continues, Square Looks to Decentralize Mining

Bitcoin is once again soaring. At the start of October, BTC was trading at $3,700 and by this past Monday it had climbed to a new all-time high of over $5,000. As more people begin to adopt Bitcoin as a currency and store of value investors are growing more bullish about its future prospects.

Ethereum (ETH) is a digital currency that has been growing in popularity recently. It’s price has increased by more than 100% since the beginning of the year, and it’s market cap is currently over $30 billion. Read more in detail here: ethereum price prediction 2025.

System for Mining Bitcoin

Jack Dorsey garnered media attention on many occasions in 2021. Not only did he step down as CEO of Twitter, but he also made other pronouncements that suggested his whole attention will now be focused on Bitcoin-related projects. Among them, a handful were working on,

This week saw Dorsey confirm that plans by Square for the System for Mining Bitcoin – first announced in October 2021 – will now come to fruition.

If the previous year has taught us anything, it is that the Bitcoin mining industry is strong and profitable, despite being highly controlled. As a result of China’s prohibition on the technique and Kazakhstan’s internet shutdown, which both momentarily caused hash rates to drop, this concentration was made clear. Even though the network recovered from each incident, the miners’ distinct concentration was highlighted.

This System for Mining Bitcoin is being developed in an attempt to solve the aforementioned issue of centralization, as well as others.  The team behind this project at Square has noted three major issue which it must address if it intends on being successful.

  • Availability
  • Reliability
  • Performance

Square may swiftly overtake the mining industry by making mining accessible to the general public in a cost-effective and lucrative package. The squad has its job cut out for it, that much is certain. Everyone would be doing it if it were simple.

A Tongan Initiative

Many saw El Salvador’s decision to declare bitcoin legal money as the first step toward FIAT’s eventual replacement by bitcoin. However, society has a short memory and is never content with what has just been accomplished. We are more interested in what happens afterwards. As a result, people who hailed El Salvador’s move have pondered which nation would follow in its footsteps ever since.

El Salvador’s President Nayib Bukele foresaw that other countries will carry out his prediction in 2022.

Bitcoin (BTC) Highlights of the Week – As Adoption Continues, Square Looks to Decentralize Mining

Although there have been whispers over the last several months that countries like Paraguay or possibly Argentina will follow suit, it seems like Tonga may be next in line based on recent comments made by a former Tongan parliamentarian.

In a recent interview with CoinTelegraph, Lord Fusitu’a revealed that a plan to make Bitcoin legal cash is not only shortly to be voted on by the Tongan Parliament, but also includes the utilization of volcanoes as energy sources for mining activities.

In Rio de Janeiro

Adoption BTC as legal tender is not the only way for governments to show belief in the top digital asset.  At a recent conference in In Rio de Janeiro, Mayor Eduardo Paes and associates announced plans to turn the city in to a ‘crypto hub’.  The following steps were given as examples of what is being currently being considered.

  • Allocating 1% of In Rio de Janeiro’s treasury towards Bitcoin
  • 10 percent property tax deductions for Bitcoin payments

The discussion also included Miami Mayor Francis Suarez, who is notable for having recently announced similar aspirations to transform Miami into a crypto metropolis and for having his own Bitcoin salary.

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