Bitcoin And ΕΤΗ Are Skyrocketing As We Get To ‘’Uptober’’
Crypto Market Flies Up To $2.1 Trillion
In brief:
Despite China banning all cryptocurrency activities last week, lots of bullish news for the crypto investors are upcoming for this week!
One of the main reasons the Chinese government decided to ban everything related to digital assets, is the massive energy consumption that crypto mining requires. This week, another major Ethereum mining pool was shut down in China due to the crypto ban. SparkPool, the second largest Ethereum mining pool in the world, announced it would cease operations and a day after that the fourth largest Ethereum mining pool, BeePool, announced that it will shut down on October 15 just before midnight.
According to data from Etherscan block explorer, the two mining pools are responsible for over one-quarter of all ETH mined. Just in the last several days, Alibaba-the Amazon of China- has said it would stop selling customized crypto mining equipment.
The price of Ethereum has fallen sharply in the last 24 hours (September 28), declining 6.5% per CoinGecko.
As aforementioned, one of the main reasons China banned cryptocurrency activities is the environmental damage Bitcoin mining has caused. Bitcoin was lately criticised by many for leaving a hefty carbon footprint, so mining firms are now turning to a new source of energy, NUCLEAR.
With Bitcoin mining consuming more energy than many countries, Bitcoin miners decided to go nuclear in search of clean energy. To erase Bitcoin’s reputation as a net polluter, some companies partnered up to build so-called microreactors'' in order to sidestep the enormous logistical hurdles of a full-scale nuclear reactor. With the use of nuclear energy, the use of harmful fossil fuels will be restricted as nuclear fission could provide the same results without carbon emissions.
Furthermore, El Salvador does not stop surprising the world as it takes its ‘’first steps’’ to mining Bitcoin with Volcanoes. A tweet from the country's president appears to show the first steps of using volcanic geothermal energy to mine Bitcoin.
Recommended by LinkedIn
On September 28 the president of El Salvador released a video showing that the country has started a project that will use volcanic geothermal energy to mine Bitcoin.
Bukele said in June that El Salvador's state-owned electricity company LeGeo would use ''very cheap, 100% clean, 100% renewable, 0 emissions energy from volcanoes'' to mine Bitcoin.
This month seems to be really promising for crypto investors, a bullish one some would say despite the chaos China tried to cause in the Crypto world.
Sources: