Jack Dorsey Muses on Social Media ‘Takeover,’ Ethereum Weaknesses; Plus the Latest in Crypto Mining — Bitcoin.com News Week in Review2 min readReading Time: 2 minutes
Former Twitter CEO Jack Dorsey ponders Ethereum’s “single points of failure” and whether one man should be able to control an entire social media network, while Bitcoin.com News gives you the latest scoop in the world of ETH and BTC mining rigs. To top it all off, one economist predicts that the U.S. central bank’s response to the nasty inflation being seen could actually be good for crypto prices. Here’s your bite-sized digest of this week’s hottest crypto news: The Bitcoin.com News Week in Review.
Jack Dorsey on Ethereum’s ‘Single Points of Failure’
The internet entrepreneur and former CEO of Twitter, Jack Dorsey, claims if developers are building on Ethereum they have “at least one, if not many, single points of failure.”
The statement was in response to Vitalik Buterin’s commentary concerning Elon Musk running Twitter.
As the crypto economy hovers just under $2 trillion in value, application-specific integrated circuit (ASIC) mining devices are making decent profits.
While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can rake in $51.58 per day in profits.
Microbt Reveals Latest Bitcoin Mining Rigs
Following Bitmain’s product introduction of two new application-specific integrated circuit (ASIC) bitcoin mining rigs, the mining devices manufacturer Microbt has announced the launch of two new miners as well.
Revealed during the Bitcoin 22 conference in Miami, Microbt showcased the company’s new Whatsminer M50 series, which offers hashrate speeds of up to 126 terahash per second (TH/s).
Economist: Fed’s Response to Inflation Will Push Crypto Higher
Allianz Chief Economic Advisor Mohamed El-Erian says that the Federal Reserve’s response to inflation will cause the prices of cryptocurrencies, like bitcoin, to “go higher.”
He noted: “That’s what you get when you’ve waited too long to recognize what inflation is and to take action.”
What do you think about this week’s hottest stories from Bitcoin.com News? Be sure to let us know your thoughts in the comments section below.