Bitcoin Drops 4%, Crypto Industry Increases Focus on Clean Energy

This morning (April 27), the Bitcoin price fell 4.65% and hovered around $37,884 before gradually rising slightly.

Bitcoin’s negative movement this morning came after the Dow Jones Index closed down 809 points on Tuesday (April 26) on concerns about the Federal Reserve (Fed) raising interest rates at next week’s meeting.

The conflict between Russia and Ukraine is also worrying investors. Russian Foreign Minister Sergei Lavrov warned that the crisis between Russia and Ukraine could escalate into a nuclear war.

  • The Dow Jones Industrial Average sank 809.28 points, or 2.38%, to close at 33,240.18.
  • The S&P 500 fell 120.92 points, or 2.81%, to close at 4,175.20.
  • The Nasdaq fell 514.10 points, or 3.95%, to close at 12,490.74.

Movements in the Crypto Space

Recently, the crypto industry has begun to turn to more sustainable and cleaner energies.

Bitcoin mining companies continue to focus on green energy, as the global Bitcoin mining industry has seen a 59% year-over-year increase in sustainable energy.

The Bitcoin Mining Council (BMC) is a group of 44 mining conglomerates and claims that the BMC represents about 50% of the global Bitcoin mining network, or 100.9 Exahash (EH).

On April 25, the group released a new report that aims to prove that. It is also supported by MicroStrategy CEO Michael Saylor.

Based on a recent BMC member company survey forecasts for the first quarter of 2021, BMC Group estimates that the use of electricity with a sustainable power mix is the top priority in the crypto mining industry. This now stands at 58.4%, down 0.1% from last quarter. The growth rate of renewable energy is 36.8%.

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