Jack Dorsey’s cryptic tweet ignites Bitcoin (BTC) mining rumors

The billionaire American tech entrepreneur, Jack Dorsey, best known as the co-founder and CEO of Twitter and the founder and CEO of financial services and digital payments firm Square, left the crypto community on Twitter wondering what the cryptic number “705742” meant.

The ambiguity of his short digital match opened the floodgates to Bitcoin rumors recently leaked by Dorsey (BTC) mining projects.

The mining riddle

On Tuesday, as the entire crypto market focused on Bitcoin’s price dynamics, Dorsey tweeted a single six-digit number, sparking interest from 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 broke its previous high.

Dorsey’s ambiguous tweet led some commentators to guess that the figure implied his prediction of a ‘block number’ for when Bitcoin would break last April’s all-time high (ATH).

I’m guessing which one #btc the block we’re in when we break is more likely what he’s referring to

– J HODL (@sathungrysimp) October 19, 2021

The famous Bitcoin advocate tweeted his cryptic tease just days after leaking Square’s latest plans to further democratize Bitcoin’s lucrative mining business.

You think @jack undermined the #bitcoin for block 705742 with that new miner thing he was talking about?

– Gabe Harris (@ gabeh730) 20 October 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 plans to create a custom, open-source, silicon-based Bitcoin mining system for individuals and businesses around the world. If we did that, we would be following our hardware wallet model: building in the open in collaboration with the community. First some thoughts and questions.

– jack⚡️ (@jack) October 15, 2021

According to him, the company “plans to build a custom, open source silicon-based Bitcoin mining system for individuals and businesses around the world.”

He stressed the imperative of continuing to “build in the open in collaboration with the community” and added that the mining system would follow the “material portfolio model”.

“Mining needs to be more distributed,” he noted, recalling that “the more decentralized, the more resilient the Bitcoin network becomes”.

“Energy is a system level issue that requires innovation in silicon, software and integration,” he said, noting the importance of improving the use of clean energy. and efficient.

“Mining bitcoin should be as easy as plugging a platform into a power source. There aren’t enough incentives today for individuals to overcome the complexity of managing a miner for themselves, ”Dorsey continued, saying mining should become more accessible to everyone.

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