Bitcoin, the largest cryptocurrency started a fresh rise above the $28,500 support area against the US Dollar. As of press time, the coin has crossed the $30k mark with an increase of 3% in the last 24 hours. But there are other possibilities. BTC could rally if there is a clear move above the $30,600 resistance area.
What is driving BTC now…
Various factors, for example, institutional adoption, have helped the largest cryptos to reach new heights within the crypto market. However, energy companies may be next drive next B T c Bull Run. Ki Young Joo, CEO of analysis platform Cryptoquant, in a series of Tweets shared this story. In his opinion, energy companies will move B T c Bull run with traditional finance institutions.
“The first change we will see is that the BTC network will be powered by solar and wind which have recently become the most cost-effective power sources.”
Here’s a graphical representation of how this could happen:
In fact, data from the US Energy Information Administration highlighted that the biggest increases in US electricity generation for the summer of 2022 will come from solar and wind. According to the executive, “Hydroelectric energy is the most common source for bitcoin mining globally. It is used by 62% of crypto miners. Solar and wind take 15-17% for now.’
Hydroelectric energy is the most common source for bitcoin mining globally, and is used by 62% of crypto miners. Solar and wind take 15-17% for now.
Last week, @EIAgov said that the biggest increases in US electricity generation this summer will come from solar and wind power. pic.twitter.com/zt78DPzbFP
— Ki Young Ju (@ki_young_ju) 23 May 2022
Over the years, the bitcoin mining industry has become more transparent, more sustainable and better understood. One reason for this is sheer support. Blockstream and Jack Dorsey’s Block, formerly known as Square, included a solar and battery-powered bitcoin mine in Texas that used Tesla’s solar and storage technology. Such collaboration could help BTC reach new heights.
“… By help This full-stack, 100% solar-powered bitcoin mining project with Blockstream using solar and storage technology from Tesla”
Well, price fluctuations are part of such highs. Consider this, BTC is down by about 56% since November 2021, but at the same time, the hash rate has increased by 75%.
Looking at the graph above, Ki Young Joo declared – “The market is cool, but the fundamentals are hot from the mining rigs.”
supporters gathered
Bitcoin HODLers weathered the storm as they had the major token issuance. For example, the number of addresses holding 0.1+ coins reached ATH.
I #bitcoin $BTC The number of addresses holding 0.1+ coins is currently 3,511,126 . has reached the ATH of
View metrics: https://t.co/hZY8dBLpzX pic.twitter.com/i3dnKEkptc
— glassnode alerts (@glassnodealerts) 23 May 2022