Non-polluting, low-cost, and highly stable nuclear power may be the most suitable energy source for Bitcoin mining.
On May 19, according to official news, the Resource Conservation and Environmental Protection Department of the Inner Mongolia Development and Reform Commission issued the “Announcement on Accepting Letters and Visits from Virtual Currency Mining Enterprises” to comprehensively clean up and shut down virtual currency “mining” projects, and improve virtual currency Channels for reporting problems in “mining
” companies. Inner Mongolia has continuously stepped up its policy of restricting virtual currency “mining” to “dual control of energy consumption.”
In recent days, Musk has continuously issued negative remarks on Bitcoin, accusing Bitcoin of its serious consumption of fossil energy, especially coal, which has caused the market to fall sharply. Some market participants believe that Musk will discuss the energy consumption of Bitcoin and other cryptocurrencies, which may cause the global elite to pay attention to this.
On the other hand, there is a view that thermal power is stable but easy to cause pollution. New energy sources such as hydropower, photovoltaic power, and wind power are unstable and difficult to store. For the mining industry, the shutdown means loss of profits. Non-polluting, low-cost, and highly stable nuclear power may be the most suitable energy source for Bitcoin mining.
In fact, in Eastern Europe, where electricity is surplus, nuclear energy may have begun mining Bitcoin. On May 6, 2020, a Facebook statement issued by the Ministry of Energy of Ukraine pointed out that Bitcoin and digital currency mining are modern and effective ways to use excess energy. The post stated that due to the national blockade of the new crown pneumonia, local nuclear power plants had generated a large number of surplus power resources. The deputy head of the Ministry of Energy of Ukraine asked the state-owned enterprise Energoatom to study potential methods of using nuclear power generation facilities for Bitcoin mining in the country by May 8.
In addition, countries with surplus electricity, such as Russia and Belarus, are also considering the use of nuclear energy for mining. In September 2017, the governor of the Leningrad region invited cryptocurrency miners to Sosnobeb near St. Petersburg to build an industrial-scale mine at the old Leningrad nuclear power plant. In 2019, the President of Belarus stated at a meeting with representatives of the I.T. industry that to develop digital currency mining with a nationwide effort, mining will set up factories in the country and use surplus nuclear power to provide electricity for new digital currency mines.
Huobi Research Institute believes that the current mining of Bitcoin and other cryptocurrencies in China is mainly about “discarding electricity,” consuming excess electrical energy. Now Eastern Europe and other places are beginning to use the “disused power” of nuclear power plants for mining, which is likely to become a future trend. At this stage, the Bitcoin mining industry has developed into a global industry, and it may be difficult for regional policies to change the entire industrial ecology. Therefore, due to policy restrictions in individual regions in the future, local mining may shift to areas with surplus energy. For this area, cryptocurrency mining can use surplus energy to create more significant benefits for it.
BTC continued to fall within the day, and the trading volume increased significantly
According to the Huobi trading platform data, BTC continued to fall within the day, as low as 38517.86USDT and rebounded slightly in the afternoon. It is currently trading sideways at 40,300, and the trading volume has been significantly enlarged. Looking at the one-hour level, the short side made a rapid decline in the morning, falling below the lower edge of the previous shock range, and then found support at the 40300 lines, and fell again in the afternoon, with the lower support at 39200. From the daily level, BTC ushered in five consecutive negatives, with a significant decline. In the evening, continue to pay attention to the continuation of the falling market and the breakthrough of 41000 above and the support of 39200 below.
According to the Huobi trading platform data, ETH continued to fall within the day, as low as 2857.92USDT. It is currently trading sideways at 2950, and the trading volume has increased significantly. Looking at the one-hour level, the short side made an effort to break the previous shock range in the morning, or a new round of sideways range will be formed at the 2950 line. ETH fell sharply today and returned to the 1/3 position of the previous ascending channel from the daily level. In the evening, continue to pay attention to the continuation of the falling market and the breakthrough of 3000 above and the support of 2860 below.
In terms of contracts, the big data of Huobi Contract shows that BTC contract holdings have declined slightly, contract trading volume has risen slightly, and the contract market is active. The basis of delivery contracts rose slightly.
ETH contract holdings declined slightly, contract trading volume rose slightly, and the contract market was active. The basis of delivery contracts rose slightly.
USDT is quoted at 6.51 yuan in the OTC market of Huobi Global.
According to the data monitoring of Huobi Research Institute, today’s total DeFi lock-up volume (TVL) dropped slightly to 100.81 billion U.S. dollars, and the accurate lock-up volume fell slightly to 72.21 billion U.S. dollars. Among them, Venus dropped significantly, reaching 26.45%. Today’s total Defi transaction volume rose slightly, reaching 10.80 billion U.S. dollars. Among them, PancakeSwap increased significantly, reaching 47.84%.