Jack Dorsey And Bitcoin Core Developer Discuss BTC Mining Issues

Twitter founder Jack Dorsey is focused on developing crypto company Block. (Photo; Doc. CryptoGazette)

JAKARTA Jack Dorsey, founder of Twitter and Block, crypto-based financial services company Luke Dashjr, one of Bitcoin's core developers, recently discussed the development and prospects for Bitcoin in an exclusive interview.

Dashjr said that Bitcoin has transformed from a "toy project" to a serious effort in recent years. He considered that Bitcoin has shown its toughness and beauty in its performance mechanism.

Dorsey also appreciated the Bitcoin community's ability to identify and correct new threats that attack BTC. Dorsey believes Bitcoin has a huge impact on mankind. According to him, Bitcoin is "one of the most important things ever created by humans."

At the same time, Dorsey and Dashjr also acknowledge the difficult situation faced by Bitcoin, especially about mining or mining. Dashjr described the current Bitcoin mining situation as "short enough," as most of the decisions related to the bitcoin blockchain were held by about 11 entities that control the mining pool.

Mining pools are a group of miners joining forces to increase their chances of getting block prizes. Dashjr and Dorsey agreed that this was something to worry about. Dorsey added that incentives in the system tend to support centralization, making it very difficult to reduce the entity's power.

Ocean Mining Solutions For Opposite Sentralization

To address mining centralization issues, Dorsey and Dashjr offer solutions called Ocean Mining. Ocean Mining is a project aimed at updating mining processes, allowing individual miners to create their own blocks without relying on mining pools.

As reported by Cryptopotato, this step is in line with the long-term goal of using stratum v2, a protocol that allows miners to select transactions to be entered into blocks.

Furthermore, Dashjr explained that Ocean Mining's approach would make the mining process more transparent and free of charge. That way miners can actively participate in decision making. He said that Ocean Mining is the ideal bitcoin mining mechanism.

Dorsey also shared insights into the potential for Bitcoin mining in Africa and other developing countries. He highlighted initiatives such as Gridless, which utilize natural energy sources such as wind and sun to drive mining operations and provide electricity for villages. He said that Bitcoin can provide better financial and economic access to people in these areas.

The discussion on BTC mining also overcomes misunderstandings around mining, highlights the importance of creating blocks, and defending the use of renewable energy for Bitcoin mining.