Bitcoin mining progress in the last week
Bitcoin’s mining business continues its extensive development around the world as its price advance recovers.
With the price of Bitcoin again above USD 19,000, the advance of the mining of this crypt currency continues unstoppable. As large companies continue to invest their capital in the main virtual currency, the fever for extracting it continues to rise.
In this last particular case, the initiative of Square, the company of Jack Dorsey, CEO of Twitter, stands out. This firm has been one of the pioneers in the investment in Bitcoin, obtaining great profits this year 2020. Not satisfied with that, its management is starting to explore with mining.
But, on the other side of the coin, the possibility of a drop in Bitcoin’s price stands out. The fact could be connected to the miners‘ prediction of their intention to sell. In other words, it is likely that the market is on the verge of a massive coin sale by the miners.
Bitcoin’s mining progress in the week
During the last seven days, news related to the advance of the mining of the most popular of the crypto currencies has been abundant. In this summary, we present you with a selection of the five most important pieces of information about this futuristic business. These are the titles:
Square will invest 10 million dollars in green energy for mining.
The risk of massive sales by the miners is the highest in three years.
Province of Pakistan asks the government to legalize Bitcoin mining.
Miners in the province of Yunnan suffer from power cuts by the authorities.
Electricity subsidy for miners in Venezuela will come to an end.
Square not satisfied with Bitcoin profits in 2020
The Square firm of Twitter CEO Jack Dorsey, after a successful year of forays into cryptology, will now take a new step. In that sense, to the benefit obtained with its decided advance in the capital investment in Bitcoin, now will be added the investment in the mining of this digital currency.
To this end, it was announced that the firm will inject 10 million US dollars into green energy. With the creation of this infrastructure, the mining process will begin for a firm that just this year took the first step and chose to invest part of its funds in Bitcoin.
The other objective of the firm, they explained in a statement, is „to support companies that help drive the adoption of renewable energies within Bitcoin mining. It should be noted that the announced infrastructure would be ready by 2030.
Risk of massive Bitcoin sales at the gates
Another news related to the advance of Bitcoin’s mining business that impacted the week, is a possible massive sale. In this case, it is information that worries the crypto community, since the rally above 20K could be postponed once again.
The hypothesis is collected from CryptoQuant data, according to which Bitcoin miners are conducting massive sales. The metrics shown by the analysis firm track the magnitude of Bitcoins leaving the miners‘ portfolios. According to it, it’s the highest in three years.
This could suggest that a massive sale of coins is underway. This would negatively affect the price of Bitcoin. However, soon after this metric was known, the price of the pioneer cryptcoin has risen again and seems to be looking for consolidation above 19K.
The massive sales of Bitcoin by the owners of the mining farms could interrupt the price advance of this cryptomon currency. Source: CryptoQuantMassive sales of Bitcoin by the owners of the mining farms could interrupt the price advance of this crypt currency.
Bitcoin and Mining in Countries with High Electricity Costs
Province of Pakistan wants Bitcoin mining legalized
According to local media reports, the legislative body of the Khyber Pakhtunkhwa province asked the federal government of Pakistan to legalize mining. The report highlights that cryptomonies could be the substitutes for printed money in the future and should therefore begin to be considered by the state.
In his Twitter account, politician and advisor to the ministry of technology, Zia Ullah Bangash, praised the initiative. He explained that it is a firm resolution for „the government to take steps to legalize crypto-money and cryptomining in Pakistan.