Hot Take: Bitcoin [BTC] The next bullish phase could be led by energy companies…

Bitcoin, the largest cryptocurrency, started a new rally against the US dollar at the $28,500 support. At press time, the tokens were over $30,000. sighting Soaring 3% in the last 24 hours. But there are many more possibilities. BTC could rally if there is a clear move above the $30,600 resistance level.

What drives BTC right now is…

Various factors, such as institutional adoption, for example, have helped the largest cryptographic reach new heights within the crypto market. But energy companies can be: next drive BTC Bull running. Kiyoung Joo, CEO of the analytics platform CryptoQuant Tweet We shared this story. In his opinion, energy companies will lead the way. BTC Bull running with traditional financial institutions.

“The first change we will see is that the BTC network will run on solar and wind, which have recently become the most cost-effective power sources.”

Here’s a graphical representation of how this goes.

Source: Twitter

In fact, statistics from the US Energy Information Administration emphasize that the largest increase in US electricity production in the summer of 2022 will come from solar and wind power. According to management, ‘hydroelectric energy is the most common source for Bitcoin mining worldwide. Used by 62% of cryptocurrency miners. Solar and wind currently account for 15-17%.’

Over the years, the Bitcoin mining industry has become more transparent, sustainable and better understood. One of the reasons is sheer support. Blockstream and Jack Dorsey block itFormerly known as Square integrated A solar-powered and battery-powered bitcoin mine in Texas using Tesla’s solar and storage technology. These collaborations could help BTC reach new heights.

“… by Cooperation In this Full Stack, 100% Solar Powered Bitcoin Mining Project with Blockstream Using Tesla’s Solar and Storage Technology”

Well, price volatility is part of that height. Taking this into account, BTC has fallen by around 56% since November 2021, while at the same time hashrate has increased by 75%.

Screen Shot 2022 05 23 at 5.39.27 PM

Source: Cryptoquant

Ju-Young Joo looked at the graph above and declared, “The market is cold, but the fundamentals are full of the miner craze.”

supporters gather

Bitcoin HODLers weathered the storm by continuing to hold their flagship coin. For example, the number of addresses holding more than 0.1 coins has reached ATH.

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