- According to the University of Cambridge’s Bitcoin Power Consumption Index, Bitcoin miners are expected to use approximately 130 terawatt-hours of energy (TWh).
- Bitcoin’s carbon dioxide emissions are about the same as in a country like Jordan, with a population of 10 million.
- The 24-hour trading volume is at $32.716 billion.
Daily technical chart and price trend of Bitcoin are showing a bullish trend. Based on the pivot level, the first support zone is 39500 USDT. From another perspective, if it rushes, the resistance level to watch is 52650 USDT. Thus, the graph made a bullish harami candle pattern during the day, and the cost is relied upon to remain upside with unwavering medium force.
The Moving Average Exponential (EMA) Ribbon, a mixture of multiple Ema’s, goes about as solid support in the coin price move. Investors might notice the cost moves below the green ribbon, so it will guarantee a downswing in BTC until it’s below the ribbon.
Trading volume (9.885 K) is underneath the 20-day moving average (48.187 K). To put it plainly, the volume is high and increasing, making the cost struggle at the pivot levels. Investors can likewise check that the volume bars on the graph are slanting, which demonstrates that exceptional instability is normal in the following trading days.
The Stochastic RSI (bullish) with a value of K-49 D-46 presents a buy signal in the coin. Investors may observe an inclining slant and a positive crossover in the index. It may remain in positive territory for future trading sessions.
Bitcoin Mining Through Scrubgrass Power Plant
By now, everyone is concerned about how much energy cryptocurrency mining uses and how that isn’t good for the environment.
Therefore, it should be quite concerning to find out that Bitcoin miners are now buying entire power plants in their effort to enrich themselves on the speculative asset.
A Pennsylvania-based holding company called Stronghold Digital Mining is currently running a Bitcoin mining operation using the Scrubgrass Power Plant in Venango County, Pennsylvania, which it bought during the summer of 2021.
Stronghold raised $105 million to open the power plant for its Bitcoin mining efforts.
Currently, the plant burns coal waste to produce enough energy to power 1,800 mining computers. According to Stronghold Digital Mining, the company now burns 600,000 tons of coal waste in Scrubgrass per year to run its Bitcoin mining operation. This information is public due to Stronghold’s filings with the SEC, as the company plans to go public.
And it gets worse. Stronghold plans to expand the operations of its coal power plant.
In August, the company acquired a second power plant in Pennsylvania, called the Panther Creek Power Plant. It is looking to expand to a third as well.
Resistance Level: $52650
Support Level: $39500