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Twitter founder, Jack Dorsey, to start mining bitcoin for crypto market

January 14, 2022 No Comments

Twitter founder, Jack Dorsey, is set to go into the business of mining bitcoin through its payment startup, Block, as the firm plans to make mining more accessible to interested individuals.

Dorsey had complained about the limited access to bitcoin mining in October, stating that mining was complex, and there wasn’t enough incentive for individuals to overcome the complexity.

His payment company, formerly known as Square, will now be providing mining essentials to bitcoin miners, according to Block’s general manager for hardware, Thomas Templeton.

Templeton made this known in a series of tweets on Thursday, stating that Block will be providing solution to the complexity from buying, to set up, to maintenance, to mining.

Block is prepared to build ASIC miner, a hardware used for mining digital currency, as Templeton said the current system used were besieged by various problems.

Templeton tweeted, “Common issues we’ve heard with current systems are around heat dissipation and dust. They also become non-functional almost every day, which requires a time-consuming reboot. We want to build something that just works.”

“They’re also very noisy, which makes them too loud for home use.” the general manager of the payment startup stated three months after Dorsey said, “Mining needs to be more distributed.” to increase access.

Lifestyle

Twitter’s Jack Dorsey appoints three Nigerians to head Bitcoin Trust fund

December 16, 2021 No Comments

Twitter founder, Jack Dorsey, has appointed three Nigerians and one South African to act as the board of his Bitcoin Trust (BTrust) fund which will be disbursed for development in Africa and India.

In February, Dorsey, who resigned as Twitter CEO late November, had announced a BTrust [with the ‘B’ carrying bitcoin symbol] in collaboration with American rapper, Shawn “Jay Z” Carter.

BTrust is a fund with 500 BTC capital base worth N10,014,265,775.40 ($24,426,230), when pegged to late Monday’s market price $48,815.35, and will be managed by four Africans, without oversight from Dorsey or Jay Z.

In a late statement released on his Twitter page on Wednesday, Dorsey revealed the identities of the BTrust board, three of whom are Nigerians; Abubakar Nur Khalil, Obi Nwosu, Ojoma Ochai, and South African, Carla Kirk-Cohen.

Who are BTrust board members?

The individuals were selected from a pool of 7,000 applicants who applied to be on the board, which was initially meant to be occupied by three directors.

Obi Nwosu is the Co-founder of Coinfloor, a serd-level cryptocurrency startup, which has raised $300,000 in funding round.

Ojoma Ochai is the Managing Partner at CcHUBCreative (Co-Creation Hub), a technology innovation workspace, accelerating startup growth in Nigeria and selected part in Africa – CcHUB has raised $5.5 million to aid its operation.

Abubakar Nur Khalil is a bitcoin core contributor, and had received $50,000 in BTC for his work on Bitcoin wallet software from Human Rights Foundation (HRF) in May 2021.

Khalil is also the CTO of Recursive Capital, an earlyon-stage crypto VC fund, supporting founders building critical web 3.0 infrastructure.

Carla Kirk-Cohen is a software engineer at Lightning Labs. She previously worked for Luno, a South African cryptocurrency Exchange and Wallet firm, working on the crypto-ops team.

CBN rule to affect BTrust Nigerian beneficiaries

While the BTrust funds will be disbursed in India and Africa, it’s unsure how it will work in Nigeria considering the Central Bank of Nigeria (CBN) has banned cryptocurrency activities in Nigeria.

This threatens the benefit available for Nigerians, although the court in the country has ruled that the CBN circular outlawing cryptocurrency isn’t law or supported by the constitution.

However, the CBN hasn’t publicly acknowledged the ruling, and the Godwin Emefiele-led financial regulator has continued to clampdown on bitcoin and possible crypto bank accounts through Nigerian commercial banks.

Any account that receives large amount and owned by a youth is targeted and closed by banks like Guaranty Trust Bank, Zenith Bank, Kuda and other industry players.

This creates a bottleneck around the channel the funds will be disbursed to Nigerian beneficiaries, considering the purpose, sender and recipient will likely be stated on documents.

World News

Twitter CEO, Jack Dorsey resigns

November 30, 2021 No Comments

The Co-founder and Chief Executive Officer of social networking service, Twitter, Jack Dorsey, has resigned.

He announced his resignation in a statement on Monday, November 29, 2021, after 16 years.

Dorsey, who co-founded Twitter in 2006, has been serving as CEO of both Twitter and payment firm, Square.

“After almost 16 years of having a role at our company, from co-founder to CEO to chair to Exec chair to interim-CEO to CEO…I decided it’s finally time for me to leave. Why? There is a lot of talk about the importance of a company being “founder-led.”

Ultimately I believe that’s severely limiting and a single point of failure. I have worked hard to ensure that this company can break away from its founding and founders,” Dorsey said in a statement.

“I resigned from Twitter,” he wrote.

He will be replaced by the current chief technical officer, Parag Agrawal, Twitter said.

Business

Twitter founder, Jack Dorsey sells first tweet for $2.9 million

March 23, 2021 No Comments

Twitter founder, Jack Dorsey, on Monday, sold his first tweet in an auction to a Malaysia-based for $2.9 million.

The tweet is in the form of a Non-Fungible Token (NFT) – a kind of unique digital asset that has increased popularity this year.

Dorsey sold his first tweet, “just setting up my Twitter,” tweeted on March 21, 2006, to Sina Estavi, the Chief executive of technology firm, Bridge Oracle, on Monday, according to Valuables by Cent, the digital platform where the digital auction for the tweet was held.

The platform will receive five percent of the sale.

It was bought using ether, a popular cryptocurrency that is similar to Bitcoin.

“This is not just a tweet. I think years later, people will realise the true value of this tweet; like the Mona Lisa painting,” Estavi tweeted.

A unique digital certificate that identifies the owner of a photo, video, or any form of online media will be issued to the buyer, popularly known as the NFT certificate, which will be digitally signed and verified by Dorsey.

The Twitter co-founder confirmed that the proceeds would go to charity.