BTC Energy Consumption Rises by 41% In a Year

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BTC energy consumption rises by 41% in a year, increasing regulatory risks. The study revealed that bitcoin mining uses 0.16% of worldwide power generation. The information is from the third quarter report of the Cryptocurrency Mining Council (BMC).  There have lately been advancements in energy efficiency and the use of a diverse and sustainable energy mix.

The network’s hash rate has risen by 8.34% in the third quarter of 2022 and by 73% year over year, which caused the increase. Given the 41% increase in energy demand for bitcoin, officials and environmentalists are concerned about cracking down on mining. 

Key Bitcoin Levels to Watch — October 19

Bitcoin price has experienced a 25% drop in price value since the middle of August. As the large cryptocurrency market continues to go bearish, the price of BTC has also experienced the same. However, the bulls continue to push their way through the market, as they almost managed to reach the $23311.40 key level.

BTC energy consumption rises by 41% in a yearThe Super-Trend indicator maintains that the market remains in a bearish phase, save for the break that occurred on the 16th of September.  However, the True Strength Index (TSI) indicator suggests that the market is currently rallying for a bullish phase. The indicator has been threading along the signal line, insinuating that another bullish break might be imminent.

The Average Directional Index indicates, though, that the bearish force behind the BTC downtrend is waning as time goes by. The BTC market’s direction has gotten to its weakest in recent times, at 11.65. As the price continues to switch directions, it was expected that there would be a significant breakout. 

Bitcoin Key Levels
Resistance Levels: $31625.80, $25202.80, $23311.40
Support Levels: $28631.00, $19646.70, $18267.50

Total Market Capitalization: $923.8B
Bitcoin Market Capitalization: $368.3B,
Ripple Volume: $28.3B
Market Rank: #1

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.