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Marcus Sotiriou, Analyst At a Listed Digital Asset Broker global block (TSXV:BLOK).
Bitcoin remains above $19,000 as it may establish a lower floor from $17,600 to around $19,000. Selling pressure continues to be absorbed despite negative macroeconomic news.
However, a report released yesterday by the Bitcoin Mining Council (BMC) raised eyebrows, showing that Bitcoin’s energy consumption increased by 41% year-on-year (YoY). This has raised concerns that regulators may crack down on cryptocurrency mining.
Nevertheless, mining efficiency increased by 23% year-on-year and the sustainable power mix was 59.4%, exceeding 50% for the sixth consecutive quarter.
Despite dramatic improvements in energy efficiency and a more diverse and sustainable energy mix, increased energy consumption is likely to attract regulatory attention.
Bitcoin’s hashrate increased by 8.34% in Q3 2022, up 73% year-on-year, but Bitcoin was on a downward trend.
According to Glassnode, a leading data analytics company, hashrate increases are due to more efficient mining hardware coming online and/or miners with superior balance sheets gaining more share of the hashing power network. It is due to what I have done, he claims.
After rejecting a proposal to ban crypto mining in March, the EU yesterday released a document outlining action plans to implement the European Green Deal and the REPowerEU plan these plans will help to reduce crypto mining activity and its This is done to carefully monitor environmental impacts.
US moves slower than US EU on regulatory movementsIn September, the White House Office of Science released a 46-page document examining the climate and energy impacts of crypto assets. Although no actual plans have yet been formulated, the new mining report could quickly provoke action from both EU and US regulators.
