After remaining in a downtrend for nine consecutive trading sessions, Bitcoin has demonstrated some signs of strength today. Bitcoin has already traded higher than $30,000, but a subsequent retest has to show that it can maintain its position above $29,300 for the bullish trend to be confirmed.
The cryptocurrency market has been in need of relief for a very long time, especially considering that the stock market in the United States has already rallied in the past week following Jerome Powell’s speech, which provided the market with clarity on their plans to carry out a soft economic landing.
The use of bitcoin is expanding in Argentina as a result of the inauguration of the first building by Landium, a real estate business, that will house a Bitcoin mining farm. The goal is to produce an income for the operations of the building, which will enable it to cover the cost of maintenance. This will save the occupants of the building the expense of having to pay for the upkeep themselves. In a perfect world, the price of Bitcoin would increase to levels that would provide a surplus. This excess would then be able to be split among the tenants, who would then be paid to live in the building.
The Chief Executive Officer of Landium, David Fara, said that “it’s a method of paying back our consumers.” The worst-case scenario is either that the price of bitcoin drops to the point that it is no longer viable for the mining farm to pay for its own upkeep or that Bitcoin mining is outlawed in Argentina.
As a result of the building being entirely powered by solar panels, Damián Lopo anticipates that the expenditures associated with the building will be reduced by up to fifty percent. Domestic power is already rather affordable; however, renewable energy is much more cost-effective.
Bitcoin mining is not powered by solar energy, despite the fact that the building itself is powered by solar energy. Because of this, I believe that in order to give the most environmentally friendly alternative, they should also power the Bitcoin mining with solar energy. At the moment, Bitcoin mining consumes more energy than the whole of Argentina. This is not only the most efficient approach, but it is also the most cost-effective method since renewable energy is the least expensive kind of energy in Argentina. In the next five to ten years, I believe the price of Bitcoin will reach half a million dollars if it is mined using energy that comes from sustainable sources in an efficient manner.
