Bitcoin Analysis: Who Started the Latest Bull Race?

Analyzing who has bought coins since the start of the latest bull race since October 2020, Ecoinometrics has shown that there has been a big change compared to last year. In the beginning, smaller investors or “small fish” were accumulating. This started when Bitcoin exceeded the previous high of $20,000. In fact, it continued until a new peak of $64,500.

With $20,000 price, larger investors began to sell, although not in sufficient quantities.

The Whales added sales pressure when BTCUSD first reached $30,000. The result was a turning point at the May highs. Apparently, $30,000 is the key level that stopped the trend of whales accumulating coins, Ecoinmetrics commented.

Anhui province in China plans to shut down all crypto mining projects in the next three years. Climate agreement between Energi Harbor Corp. and Standard Power will bring pure bitcoin mining to North America. At the same time, the Chinese suppression of crypto mining farms continues in anticipation of future electricity shortages.

Energy Harbor Corp., a leading energy supplier in retail, has announced a five-year partnership with a hosting provider for Bitcoin Standard Power. The plan is to provide reliable, carbon-free electricity to a new center in Coshocton, Ohio. Operations are expected to begin in December 2021.

The emphasis is on “green,” as the University of Cambridge’s bitcoin energy consumption index puts the Bitcoin economy on a par with carbon dioxide emissions in developing countries such as Sri Lanka and Jordan. Scientists estimate that BTC’s annual energy consumption is approximately 70.00 TVh.

According to the University of Cambridge, Chinese bitcoin mining operations accounted for 35% of the network’s hash rate. This will fall as China shuts down mining operations. Electricity demand has fueled a sharp rise in illegal coal mining. It has undermined President Xi Jinping’s environmental goals, and this has become a burning issue.

It is not easy to separate bitcoin mining and its impact on Chinese coal consumption. Still, Chinese authorities have discovered direct links between crypto and coal in the hotspots of Xinjiang and Inner Mongolia.

Next on the Beijing list is the province of Anhui in eastern China. All mining projects in this province will be shut down in the next three years because the authorities believe that there will be a big gap in the supply guarantee if the mining activities continue.

In response to this action, Chinese miners are rapidly shifting their operations abroad, and North America has become a hub for them with its zero-carbon farms. Miners in this area currently make up 8% of the global hash rate, followed by miners in Russia, Kazakhstan, Malaysia, and Iran.

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