Bitcoin Mining Is Set To Turn Greener

The Bitcoin network's security is derived from a process called Proof-of-Work (PoW) which is powered by advanced hardware and large amounts of electricity. In PoW mining, miners aggregate transactional data over a specific period and attempt to summarize this data into an encrypted output that is accepted by the rest of the network.

Timeline of Bitcoin

Up over 40% year to date, bitcoin is arguably 2023's best-performing asset. And according to new data, the bellwether cryptocurrency has been profitable for its holders nearly 89% of the time since the beginning of its trading.

The recent bull run in the crypto space has brought all eyes to Bitcoin [BTC], with its soaring prices generating profits for both long-term and short-term investors. According to new data provided by Santiment, holders across all spectrums have become profitable for the first time in 14 months, leading many to believe a bull run for the king coin is approaching.

Bitcoin price is currently trading at $28,000 only a week after retesting below $20,000 – potentially leaving that price range behind forever. The powerful, more than 30% one-week rally has brought the top cryptocurrency to a bullish technical level that in the past only was reached after a bear market bottom was put in.

BTC/USD Orbiting 28004 Level:  Sally Ho's Technical Analysis – 22 March 2023 Bitcoin (BTC/USD) traded sideways early in the Asian session as the pair orbited the 28004.20 level, an upside price objective associated with previous buying pressure around the 16326.16 and 20370.01 areas.   The pair ceded some recent gains after rocketing to its strongest print since early June 2023, trading as high as the 28578.63 level.

Following the last two difficulty increases on the Bitcoin network, another rise in difficulty is expected to take place on March 24, 2023. Statistics show that Bitcoin's hashrate has remained high despite the last two adjustments, and block times have been faster than the ten-minute average.

As global banks face turmoil, Bitcoin (CRYPTO: BTC) has been experiencing an astonishing rally and its proponents are already looking ahead to the coin's next significant milestone of $30,000.  Since March 8, when problems first surfaced around SVB Financial Group's (NASDAQ: SIVB) Silicon Valley Bank, which has since collapsed and sparked chaos among other lenders, the leading digital currency has surged by roughly 25%.

The Bitcoin market has held $28k for the past few days, despite the altcoin industry remaining generally calm.  Bitcoin funds saw massive outflow last week despite the inflow outweighing the outflows YDT.

According to a new report by CoinShares digital asset investment products recorded six consecutive weeks of outflows totaling $95 million. Over the last five weeks, there has been $406 million in outflows from investment products, with a notable portion of those outflows being related to Bitcoin [BTC].

Caitlin Long, the CEO of Custodia bank, said in a recent interview with CNBC that investing in bitcoin (BTC) is an insurance policy given its incredible performance amidst an ongoing bank crisis.

As Bitcoin (BTC) continues to hang around the $28,000 psychological threshold, demonstrating strength amid the financial crisis that has toppled some of the major banks in the world, its worth to investors becomes more evident, even for those that only decided to join after its all-time high (ATH).