Bitcoin Mining More Eco-Friendly Than Often Thought, Bitcoin Fails To Hold $8,000 And Litecoin Continues To Surge — The Crypto2Cash Chronicle
Today’s most important and market moving news brought to you by the Crypto2Cash team
Bitcoin Mining More Eco-Friendly Than Often Thought
The Bitcoin network is often criticised by mainstream media for the amount of electricity used by miners. While the high amounts used are undeniable, a new study by Coinshare has shown, that an estimate of 74 percent of Bitcoin mining is powered by renewable energy. This is a result of many miners building their mining rigs in areas, where there is an overflow of hydroelectric power and where electricity tends to be the cheapest. These areas include Southwest China, even though crypto is forbidden there, Scandinavia, the Caucasus and many more. With the Bitcoin halving only 300 days away and mining revenues going down after this event, it could be possible, that these areas could become even more influential, with possibly many more miners locating there.
Bitcoin Fails To Hold $8,000
Bitcoin has failed to hold the $8,000 mark it broke through yesterday. The coin is currently trading at $7,950, just a little under the psychologically important mark. The largest cryptocurrency has now already been trading between $7,400 and $8,000 for over a week, with it’s volatility dropping heavily compared to the start of the year. The Bitcoin dominance has slightly retraced from it’s yearly high of almost 60 percent and currently sits at 55.3 percent, with many Alt-coins rallying.
Litecoin Continues To Surge
In light of the upcoming Litecoin reward halving, the coin continues it’s surge that started yesterday. Litecoin is currently trading at $138, up 8% on the day and 15% in the last two days. Before the last Litecoin halving, its price rose by over 100%, so many traders are speculating on a similar price movement now, with trade volumes being up. The only top 20 currency that managed to outperform Litecoin today is Cardano, up by 11% and slowly climbing up the ranking of the largest cryptocurrencies, currently sitting at number 10.
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