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Bitcoin is above $40,000, adds 1.5% gain in a week

Bitcoin

London, (Business News Report)|| Bitcoin climbed above 40,000, adding a gain of 1.5% in a week, according to Bloomberg News.

The cryptocurrency’s price fluctuations came in an average of 1%, as it traded between $40,302 and $40,696.

Bitcoin fell 41% from its highest level on November 10 last year at $68,992. It added 1.5% its value last week and is down 13% so far this year.

This comes at a time when US technology companies Block and Blockstream are preparing to launch a fully solar-powered bitcoin mining center next June, as part of a new goal to reduce the cost of cryptocurrency mining and make the process more environmentally friendly.

Adam Back, CEO of Blockstream, said recently that Block, formerly known as Square, and Blockstream, a blockchain company, have invested six million dollars in the project, which is expected to produce about 0.1 Bitcoin per day.

Blockstream revealed that the center will be located in West Texas and will be equipped with solar panels and batteries from Tesla.

“A lot of people have talked about the theory, and we thought we would try it in practice, so that we have actual data that people can look at and quote and cite,” Back said.

he said that the goal is to demonstrate that mining can help finance renewable energy facilities, more than just Bitcoin.

According to Back, the logic is that a mining center would use the excess power from renewable power generation facilities, while the main part of the electricity would be for household consumption.

In a related context, the prices of cryptocurrencies varied, between high and low, albeit in very limited ranges.

Cryptocurrencies seemed closer to stability amid global anticipation of the Federal Reserve meeting on interest and inflation.

Bitcoin and Ethereum are facing a special task in the face of the “flood” of inflation that has changed the course of many investors to replace cryptocurrencies with more hedging financial instruments such as gold and bonds.

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