Bitcoin: How environmentally-damaging is it and what greener alternatives are there?

www.proactiveinvestors.co.uk

Soaring energy prices and climate change are making Bitcoin's power problem an increasingly hot topic, even if some inventive entrepreneurs are finding ‘cleaner' sources of electricity. Several Bitcoin miners have been using green energy and non-renewable waste to produce the crypto king.

Timeline of Bitcoin


Bitcoin and Ethereum lower as inflation and Chinese COVID-19 woes weigh - Proactive Investors

Top digital currencies slumped, mirroring the wider markets, as rising inflation and the escalating Coronavirus (COVID-19) crisis in China spooked investors. Bitcoin lost 2.6% to US$45,426, while smaller peer Ethereum fell 4.3% to US$3,368.


Bitcoin and Ethereum continue to fall as US Fed rattles markets - Proactive Investors

Leading cryptos languished for a third consecutive day, mirroring cautious wider markets, as the US Federal Reserve revealed it is willing to continue raising interest rates in a bid to tackle rampant inflation. Bitcoin fell 4.4% to US$43,439 with peer Ethereum 4.5% lower at US$3,216.


Bitcoin and Ethereum edge cautiously higher - Proactive Investors

After three consecutive days of negativity, the leading cryptos looked keen to buck that trend on Friday, albeit, not by much. Bitcoin edged cautiously higher by 0.3% to US$43,565, while its closest rival by market value, Ethereum, slightly outpaced the top digital coin – advancing 1.34% to US$3,570.

BitcoinBTC$29254.200000

Bitcoin and Ethereum languish but will Mexico accept the 'crypto king' as legal tender? - Proactive Investors

Cryptocurrencies continued to fall on Monday morning following a quiet weekend as all eyes turned to Mexico to see whether the nation will vote in favour of Bitcoin becoming legal tender. Bitcoin eased 1.2% to US$42,276, while its closest rival by market value, Ethereum, slipped 2.2% to US$3,179.


Bitcoin and Ethereum continue to plummet as investors seek safe havens - Proactive Investors

Cryptocurrencies continued to fall, with bitcoin dropping below a key support level, as investors dumped riskier assets ahead of the latest US inflation data.  Bitcoin was down 5.7% to US$39,914, while its closest rival by market value, Ethereum, gave up 5.5% to US$3,008.


Bitcoin and Ethereum at 3-week lows as inflation fears continue to weigh - Proactive Investors

Cryptocurrencies continued to languish at three-week lows as rampant inflation in the UK added to ongoing concerns over the health of the global economy.  Bitcoin edged just 0.3% higher to US$40,134, but still held above the key $40,000 support level.


Bitcoin and Ethereum fall below key support levels; fundamentals 'moving in the right direction' - Proactive Investors

Cryptocurrencies languished, mirroring equity markets, although regulation and fundamentals are “moving in the right direction”. Bitcoin, the largest coin by market cap, fell 1.84% to US$38,979, falling and staying below the key support level of US$40,000.


Bitcoin and Ethereum fall below key support levels, offsetting yesterday's gains - Proactive Investors

Bitcoin and Ethereum offset yesterday's gains, tumbling back below key support levels as the tech-heavy Nasdaq slipped to its lowest level in a month. The largest coin by market cap, Bitcoin, fell 4.29% to US$38,740, while Ethereum lost 4% to US$2,874.


Bitcoin and Ethereum recover ground as global tech indices remain flat - Proactive Investors

Bitcoin and Ethereum recovered some ground, with most other cryptos languishing as the Nasdaq remained flat despite “pretty decent quarterly earnings” from Meta. The largest coin by market cap gained 2.38% to US$39,390 to offset some of yesterday's losses, although it is still trading below its key support level of US$40,000.


Bitcoin and Ethereum make gains in what is another mixed day for crypto market - Proactive Investors

Bitcoin and Ethereum both added to gains after their midweek recovery, although it has been a mixed bag for the crypto market with many coins in the red, despite more positive sentiment in stock markets. The largest coin by market cap climbed back above the US$40,000 mark overnight but was unable to trade above its key support level for any sustained period, gaining only 0.32% to US$39,508 over the past 24 hours.

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