Bitcoin’s Resilience Shines Through: Sustainable Mining and Bullish Sentiment Drive Growth
Weekly Update
The Global Crypto Market Cap is up by 1.37% to $1.21T at the time of writing this article. Over the past 24 hours, the overall volume of the Cryptocurrency Market has decreased by 36.46% to $45.92B.
DeFi’s total 24-hour volume is $3.60B, or 7.83% of the overall Crypto Market volume. All Stablecoin volume is currently $40.18B, or 87.50% of the 24-hour volume of the whole Crypto Market.
The price of Bitcoin was trading at $29,370.88 at the time of writing. According to data from CoinMarketCap, Bitcoin’s dominance is currently 47.04%, an increase of 0.16% from the previous day. In the last 24 hours, the price of ETH increased by 1.32% to $1,914.45, while the price of BNB went down by 1.81% to $325.42. Based on the CoinMarketCap Chart, the total market capitalization of Cryptocurrencies has shown the following trend in its movement since the previous week:
Bitcoin has exhibited a degree of stability in recent weeks, experiencing only minor fluctuations. There is a growing sentiment among experts that the Cryptocurrency may have exited the “Crypto winter” cycle and could potentially embark on a rally that would propel it to a new all-time high.
Sustainable Bitcoin Protocol and Crusoe Energy Pilot Program to Reduce Greenhouse Gas Emissions
Crusoe Energy, a waste gas Crypto Miner, has teamed up with the Sustainable Bitcoin Protocol (SBP) to develop a methodology that can ascertain the environmental impact of waste gas Crypto Mining operations. The companies will utilize third-party audits to verify that Crusoe’s waste gas procurement and technology comply with standards that reduce greenhouse gas emissions and support clean energy transition. SBP, a startup, aims to encourage Bitcoin Miners to adopt sustainable practices and issues Sustainable Bitcoin Certificates (SBC) to miners that meet its standards.
Crusoe and other Crypto Miners usually work on oil and natural gas wells where excess gas is released into the atmosphere, adding carbon dioxide equivalents, and particularly methane, to the environment. Crusoe, however, sets up power generators that burn the gas, which powers Bitcoin Mining and avoids methane emissions. The methodology aims to ensure that using this waste gas does not perpetuate environmental issues, and the gas is not wasted.
SBCs are tradable and do not represent a specific Bitcoin that was mined using sustainable practices, but rather ownership of all climate-friendly practices that are part of the protocol. In February, Georgia Miner CleanSpark completed the first transaction of SBC, selling it to digital asset investment firm Melanion Capital. Crusoe’s CEO, Chase Lochmiller, noted that if the oil and gas producer could find a pipeline that would transport it somewhere else to be sold, they’d prefer that from an ESG perspective.
The pilot program between the Sustainable Bitcoin Protocol and Crusoe Energy marks an important step towards promoting sustainability and reducing greenhouse gas emissions in the Crypto Mining industry. By developing a methodology that incentivizes Green Mining practices and ensures compliance with sustainability standards, the SBP is leading the charge in creating a market-based mechanism for environmentally responsible Mining. With the rise of ESG investing, the demand for Green Mining is only set to increase, making initiatives like the SBP and Crusoe Energy’s pilot program essential for creating a sustainable future.
What’s Next?
Bitcoin Mining has once again proven its potential as one of the most secure long-term investments in the Crypto space, thanks to increased sustainable options and convenient options like Remote Mining.
Although Bitcoin has faced changes and challenges over the past year and a half, the resurgence of bullish sentiment among investors indicates that we may witness another rally in the near future. As Bitcoin continues to endure the ongoing global recession and bear market, its future looks promising as a revolutionary digital asset.
