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Former Twitter CEO Jack Dorsey reflects on Ethereum’s “single points of failure” and whether one person should control the entire social network. ETH and BTC mining facilities. To top it all off, one economist predicts that the U.S. central bank’s response to the nasty inflation currently being experienced could be good for cryptocurrency prices. Here’s your quickest digest of this week’s hottest crypto news: Bitcoin.com News Review for the week.
Jack Dorsey on Ethereum’s “single points of failure”
Internet entrepreneur and former Twitter CEO Jack Dorsey argues that if developers are building on Ethereum, they have “at least one, if not many, single points of failure.”
This statement was made in response to Vitalik Buterin’s comment regarding Elon Musk running Twitter.
While cryptocurrencies are worth just under $2 trillion, mining devices based on application-specific integrated circuits (ASICs) are generating decent profits.
While ASIC miners can still mine ethereum, a 1.5 gigahash (GH/s) Ethash mining device can generate a profit of $51.58 per day.
Microbt reveals newest bitcoin mining rigs
Following Bitmain, which unveiled two new ASIC-based bitcoin mining rigs, mining device maker Microbt also announced two new miners.
During the Bitcoin 22 conference in Miami, Microbt showed off its new Whatsminer M50 series, which offers hash rates up to 126 terahash per second (TH/s).
Economist: Fed’s response to inflation will push cryptocurrency up
Allianz Chief Economic Advisor Mohamed El-Erian says the Federal Reserve’s response to inflation will cause prices of cryptocurrencies like bitcoin to “go up.”
He noted, “This is what you get when you wait too long to figure out what inflation is and take action.”
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