Bitcoin News
Canadian Bitcoin Mining Is Thriving Due To Cheap Energy Prices
Canadian Bitcoin mining businesses grow due to the friendly reputation and a perfect climate for bitcoin mining which has been of huge benefit to the country’s profits. According to the coming altcoin news, Canada is among the most attractive country for crypto-related businesses because of low energy costs.
The low energy costs are the perfect climate for crypto mining operations. The founder and chief strategy officer for Bitfarms Emiliano Grodzki stated for the local media about the efforts to bring more provinces on board to help them boost the benefits from the mining operations. This includes the recently inked agreement with Quebec which brings benefits for both sides.
Bitfarms has top priorities and thus partners with local communities in Canada. It signed an electricity agreement with the Sherbrooke city council. The president of the company Pierre-LucQuimper stated to the latest cryptocurrency news:
“We have a long-term mentality. We want to be long-term partners.”
Quebec points out that purchasing electricity from a company Hydro-Quebec is also a plus for Canadian Bitcoin mining since when they start the operations, they buy enough of the electricity to cover the peak demand needs which often comes during the winter.
During the summer, the energy builds up and reaches a surplus. Sherbrooke’s municipal power utility has enforced municipalities to find other ways to make profits from the extra power. The downfall of the company is that it is possible they won’t be able to mine as much during the winter because the resident demand in Canada in those times is the greatest.
Bitfarms has been acquiring factories in Quebec that were abandoned by the manufacturing companies. For example, the company found a Tupperware plant in Cownsaville and an old carpet factory in Farnham. According to the latest cryptocurrency news, Bitfarms says its long-term goal is to expand the use of blockchain but it is also focusing on building its mining infrastructure.
The Quebec energy authority, Regie de L’energie asked the largest power provider to divide 300 megawatts of additional discounted energy for new bitcoin mining projects. Canadian bitcoin mining has been focused in Canada’s largest cities which is a huge step ahead since it was mainly focused in China. China’s hard stance on cryptocurrencies also influenced the profile rises in Canada.
Analysis
Bitcoin’s Price Goes To $8K Again, Bullish Indicators Are Returning
Bitcoin News
Trump Rival Presidential Candidate To Make US A Bitcoin Nation
“Blockchain can change the world if we let it. […] Our nation pioneered the Internet. We use smartphones all day every day to move money, to buy goods and services, to share our innermost thoughts, and participate in public life. So it’s pure cognitive dissonance to believe that we cannot extend this further into our democracy and our economy.”Another presidential candidate Andrew Yang is also accepting crypto donations but he is slowly losing his support after tweeting that ‘’cash is king.’’ Both of the candidates are a long-shot in the race against Trump but they are hoping to get the vote of the crypto community. Swalwell offers broad ‘’support’’ for the blockchain technology and Yang has an entire policy platform based on the idea of crypto. As mentioned in the coming altcoin news, Swalwell will not accept corporate ‘’PAC money’’ in his campaign. Politicians were quick to demand a well-regulated and established crypto economy while there was almost no improvement in the regulatory sector in the country. The nature of the federal government towards cryptocurrencies has made other countries become the perfect crypto hub for crypto companies. Experts around the world think that a summary ban on crypto could increase the prices for cryptocurrencies and the demand would also increase. However, the more things are urging to change, the more nobody does anything about the crypto climate.
Bitcoin News
AT&T Telecom Giant Starts Accepting Bitcoin Payments For Your Phone Bills
‘’We’re always looking for ways to improve and expand our services [and] we have customers who use cryptocurrency, and we are happy we can offer them a way to pay their bills with the method they prefer.’’Currently, crypto payments are only limited to bill payment and AY&T didn’t explain whether the customers will be able to use their crypto to purchase smartphones and other accessories online or at the stores. All of the customers who are interested in making a crypto payment should simply select the BitPay option as a preferred payment option when they login to their accounts or simply go through the myAT&T app. As reported in the latest cryptocurrency news previously, AT&T is not the first US-based titan corporation that started accepting crypto payments. Some of the companies that allowed this option include Overstock, Subway, Shopify, Expedia and Microsoft which only makes up the small percentage of multinational corporations which accept crypto payments. Recently, Whole Foods and other major food retailers started accepting bitcoin through a third-party payment partnership. AT&T telecom giant and its dominance on the market and brand recognition in the telecom sector will surely make a positive influence on the market for the entire crypto sector, not just bitcoin. As we can expect, not everyone is thrilled about the new decision of the company. For example, Morgan Creek Digital co-founder Anthony Pompliano tweeted the news earlier and expressing his support and a number of skeptics bombarded his tweet disagreeing with him and the aT&T announcement. However, this decision is expected to increase the level of mass adoption for Bitcoin but we could also expect to see some movements in the price for the cryptocurrency giant as well.
Analysis
Expected Bitcoin Drop Leads Major Crypto Assets To Drop By 7%
“BTC 30%+ pullback coming? Yes, eventually. If history repeats, there should be plenty of strong pullbacks on the way to next peak all-time high. There were at least nine 30%+ pullbacks from last cycle accumulation and uptrend Plenty of buying opportunities ahead, don’t let it shake you.’’Over the night, the value of the entire crypto market dropped by around $12 billion from the previous $249 billion and reached $237 billion. In the past 30 days, the price of the number one crypto asset started climbing from $5,100 and reached $8,000 which an increase of $3,000. This is a massive monthly gain against the US dollar by 56 percent. On another occasion, bitcoin came out as a winner in the short-term gains since it corrected itself by 20-30 percent as mentioned in the latest cryptocurrency news. The 20-30 percent correction could have meant a drop to the $6,000 price range which some technical analysts believe could happen in the previous weeks. Similarly, another crypto trader better known as ‘’Mayne’’ suggested that a drop below the $7,500 could lead the major asset to plunge below the $7,000 support level. He said:
“BTC – Need to hold $7,884 and red OB for upside target $9k+. Break below red OB I expect $7,300 and maybe lower to $6,400. ETH – USD pair needs to break and close thru $260 to get to $300. BTC pair had a nice reaction of range low if we can hold EQ and flip grey OB looks good.’’The expected bitcoin drop from its position is considered as a healthy step for bitcoin that could strengthen the foundation for the market to start a strong upside movement soon. The founder of Morgan Creek Digital stated that the average return for bitcoin over the past years could appeal to institutions that have billions of dollars to pour in the asset.
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