While the Bitcoin price is preparing to break the $30,600 level, the latest data has shown that Bitcoin mining is one of the largest energy-consuming activities. The data also reveals that Bitcoin mining's emission intensity decreased from over 500 g/kWh in July 2021 to 296 g/kWh in June 2023.
As stated in the report by experts comparing Bitcoin mining to the energy balance in other industries, the process of mining the world's first cryptocurrency accounts for the highest constant electricity consumption by 52.6%. The data shows that the banking sector is the next largest consumer of clean energy at 39.2%, while the gold mining industry ranks fourth with 12.8%.
Data based on the Bitcoin Energy and Emissions Sustainability Tracker (BEEST) model indicate that Bitcoin mining's electricity consumption has reached its highest level, increasing by 38% from 2019 to 2023 compared to other industries, rather than overall growth.
New data collected by climate technology specialists Daniel Batten and his team apparently contradict previous research that accused miners of disproportionately using electricity. The data also shows that the Bitcoin mining industry has listened to climate change activists' concerns.
Regarding emissions intensity in various sectors, the data demonstrates that the emissions intensity in Bitcoin mining has decreased from over 500 g/kWh in July 2021 to 296 g/kWh in June 2023. The reduction in emissions intensity in Bitcoin mining, slightly over 50%, surpasses the 3.3% decrease in the banking sector.
According to the data, the metallurgical industry still has the highest emissions intensity, which only decreased by 0.5% during the same period. The gold mining industry is the sector with the second-highest emissions intensity at 679 g/kWh, followed by the agricultural sector with a rate of 646 g/kWh.
As for today's technical outlook for Bitcoin, it can only be discussed for further growth in the current conditions after breaking the $30,640 level, which would provide an opportunity to establish a bullish market with the prospect of reaching $32,300. The ultimate target would be the $34,300 area, where significant profit-taking and a Bitcoin pullback could occur. In case of renewed selling pressure on the trading instrument and a break below $29,500, the focus will be to defend $28,440. Its breaktdown would be a blow to the asset, opening the way to $27,390.
For Ethereum, buyers' focus remains on defending the nearest support at $1,860 and breaking the resistance at $1,925. Only after that can we expect a move towards $2,020, allowing the bullish trend to continue and leading to a new surge of Ethereum towards the $2,120 area. If selling pressure returns to ETH, the $1,860 level will come into play, and its breakdown would test $1,770. Below, the $1,700 region is visible.
