In light of an ongoing debate over the impact that Bitcoin mining has on the environment, the Bitcoin Mining Council (BMC) has presented new facts that assert how negligible this effect is. Indeed, one of the conclusions of the BMC’s ‘Global Bitcoin Mining Data Review’ for Q32022 is that globalBTC mining consumes only 0.16% of the world’s energy production.
According to the BMC founder and former MicroStrategy CEO Michael Saylor: “Bitcoin uses an inconsequential amount of global energy. The number this quarter is 16 basis points (bps) of the world’s energy or 0.16%.”
Specifically, the total amount of energy utilized worldwide is 165,317 TWh, whereas BTC mining only uses 266 TWh of that energy. In Saylor’s words, one-third of the total global energy use is actually wasted energy, it is not possible to utilize it, with Bitcoin accounting for “just a small fraction” of this.
Comparing this energy use with that of other industries, the report also concluded that Bitcoin mining utilizes less energy than residential and non-residential buildings, construction, aviation, household appliances in the United States, as well as gold mining.
Bitcoin price analysis
Bitcoin price made an attempt to gain paceabove the $19,500 resistance zone. BTC even spiked above the $19,600 level, but there was no follow through move.
The price formed a high near $19,696 and started a downside correction. There was a move below the $19,500 and $19,400 levels. Besides, there was a break below a key bullish trend line with support near $19,400 on the hourly chart of the BTC/USD pair.
Bitcoin price traded as low as $19,110 and is currently trading in a range. It is trading near $19,250 and the100 hourly simple moving average. There was a break above the 23.6% Fib retracement level of the recent decline from the $19,696 swing high to $19,110 low.
Source:BTCUSD on TradingView.com
Hourly MACD is losing pace in the bearish zone
Hourly RSI is below the 50 level
Support Levels – $19,100, $19,000
Resistance Levels – $19,400, $19,680, $20,000
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