Crypto Industry News:
Arcane Research says bitcoin mining will have a positive environmental impact. The company has just published a report on the subject saying mining can positively change the world's energy production.
First, bitcoin miners can promote the use of renewable energy sources.
In addition, there is the "reactivity" of miners, which will be based on the fact that they will "give" energy to the industry when the demand for it is high. However, this would require cooperation with the authorities. This is possible, as seen in Texas, where large BTC mines jointly and severally stopped mining cryptocurrencies in July to help protect the network during the heatwave.
Such reactivity will be especially important in the years to come as the world is increasingly moving away from flexible fossil fuels to renewable energies.
"Bitcoin miners can search for areas with excess wind and sun and build a data center there exactly the size needed to consume excess energy," the report further explains.
Miners are not only supporting renewable energy sources, but also making oil drilling a cleaner and more efficient process.
Oil wells often produce natural gas, which cannot always be economically used for consumption. As a result, oil producers are forced to burn gas without getting any economic utility from it and polluting the environment at the same time.
However, if oil producers decided to use natural gas for mining, they could both benefit from it and reduce greenhouse gas emissions, the company adds. Example? Exxon - a large multinational oil and gas corporation - announced in March that it had mining plans.
In addition, just as drilling for oil produces natural gas, mining bitcoins also produces heat as a by-product. This offers another opportunity to economically recycle resources. BTC miners can potentially "give up" heat to district heating networks.
Moreover, if mines are powered by renewable sources, they can reduce the carbon footprint of heating - the world's largest source of CO2 emissions.
"Reusing the heat of bitcoin mining is essentially about using the same energy twice," explained Arcane.
Technical Market Outlook:
After a whole week of trading inside the narrow range, the BTC/USD market might break to the downside soon - the bearish pressure is getting stronger as the bulls can not gather stronger momentum and break into the positive territory. The key short-term technical support is the zone lower line seen at $19,521 and any violation of this level would trigger another down wave towards the level of $18,940 (short-term technical support and target for bears).
Weekly Pivot Points:
WR3 - $20,411
WR2 - $20,111
WR1 - $19,911
Weekly Pivot - $19,840
WS1 - $19,610
WS2 - $19,509
WS3 - $19,209
Trading Outlook:
The down trend on the H4, Daily and Weekly time frames continues without any indication of a possible trend termination or reversal. So far every bounce and attempt to rally is being used to sell Bitcoin for a better price by the market participants, so the bearish pressure is still high. The key long term technical support at the psychological level of $20,000 had been violated, the new swing low was made at $17,600 and if this level is violated, then the next long-term target for bulls is seen at $13,712. On the other hand, the gamechanging level for bulls is located at $25,367 and it must be clearly violated for a valid breakout.
