Waves

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One of the leading bitcoin mining companies – Riot Blockchain – mined 318 BTC in July – a 28% production decrease compared to June’s figures. The main reason for the crippled productivity was last month’s extremely hot weather in Texas.
It caused the company to shut some of its mining rigs in the area as an emergency step to prevent the electricity network from an outage. As a result, Riot Blockchain earned approximately $9.5 million in credits.
The Consequences of the Heat Wave
Last month’s extreme weather conditions in Texas caused numerous problems to the residents of the state and the companies located there. In fact, experts estimated that it was Houston’s hottest July in history as temperatures were hovering around 40 degrees.
A bunch of cryptocurrency mining firms shut down their operations because of the heat wave. Had they not done that, the problems to the state’s power grid could have been more significant, and the population could have been left with an unstable electricity supply during the scorching month.
One of those miners was Riot Blockchain. A recent update revealed that the move had pushed back the company’s production levels. In July, it mined 318 BTC, which at today’s prices equals nearly $7.3 million. In comparison, the entity produced 421 BTC in June.
It is worth noting, though, that last month Riot sold 275 BTC, generating profits of around $5.6 million (at the moment of the deal). In June, it parted with 300 coins.
In addition, the firm earned around $9.5 million in credits last month due to the warm-front and the halted operations at the Texas facilities.
Not long ago, Riot started moving all of its miners located in Massena, New York, to Texas. The transition is justified by the fact that regulators and lawmakers in the “Lone Star State” have displayed a crypto-friendly stance over the past months. At the same time, electricity prices there are much cheaper than in other regions in the USA.
The Texas City That Mines BTC
Speaking of the pro-crypto environment in the southern state, it is worth mentioning the city of Fort Worth. Earlier this year, it announced intentions to become the first US town that mines bitcoin.
The authorities’ plan is to employ three Bitmain Antminer S9 mining rigs in the mission donated by the Texas Blockchain Council. Fort Worth’s Mayor – Mattie Parker – believes digital assets will play a key role in the future of finance.
She appreciated the contribution, assuring that the city will decide whether to invest real cash into the mining endeavor after an assessment that will occur later in 2022.


The American-based Riot Blockchain mined 318 BTC in July - 28% less than in June. 

cryptopotato.com

Riot Blockchain Mined 28% Less Bitcoin is July Due to Massive Heat Waves

A closely followed analyst is highlighting one key historical metric as an indicator that Bitcoin (BTC) may finally have set a bottom after an eight-month-long bear market.
The pseudonymous crypto enthusiast TechDev tells his 399,600 Twitter followers about the significance of 1-year HODL waves, a metric that keeps track of Bitcoin that has remained dormant for over a year. During three prior instances where static BTC peaked in 2012, 2015 and 2019, a rally soon followed.
 
“1 yr+ HODL wave 200-day rate of change peaks over 0.1.
4 signals in 11 years.”
Source: TechDev/Twitter
At time of writing, Bitcoin is down less than a percent in the past 24 hours and trading for $23,066.
TechDev next looks at how altcoins have performed against the US dollar index (DXY) over nearly a decade while plotting out Fibonacci extensions that suggest altcoins might be primed to move higher if the DXY falters.
“Altcoins bouncing from long-term TL [timeline] + prior ATH [all-time high] + 0.272.
DXY at long-term TL + local TL + 1.414 after parabolic move.
Possible parabola breakdown after 5 touchpoints and 1.414 extension into 2 TLs.
Watching for further confirmation of DXY breakdown and altcoin impulse.”
Source: TechDev/Twitter
The analyst wraps up by comparing Bitcoin’s relative strength against the top 50 Dow Jones stocks dating back to 2012. The relative strength index (RSI) is an indicator used by traders to gauge the momentum of an asset’s trend, where a falling RSI suggests strong bearish momentum and vice versa.
TechDev provides a chart that shows similar up-and-down price momentum while highlighting key moments in 2012, 2016, 2020 and this year.
“Bitcoin and Dow Jones 50 monthly RSI interactions.”
Source: TechDev/Twitter
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Featured Image: Shutterstock/BT Side
The post Bitcoin Flashes Rare Bottom Signal As Altcoin Market Cap and One More Metric Hint at Trend Reversal: Top Analyst appeared first on The Daily Hodl.


A closely followed analyst is highlighting one key historical metric as an indicator that Bitcoin (BTC) may finally have set a bottom after an eight-month-long bear market. The pseudonymous crypto enthusiast TechDev tells his 399,600 Twitter followers about the significance of 1-year HODL waves, ...

Waves price	$6.16
Low - High 24H	$6.05 - $6.24
Market cap	$616.25M
Volume 24H	$157.79M
All time high	$61.30 -89.95% March 31st 2022
All time low	$0.130878 4606.76% August 2nd 2016
Genesis date	N/A

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