Elon Musk and Jack Dorsey decide to team up with Blockstream to set up a solar powered Bitcoin mine in west Texas. Plus our weekly BTC and ETH analysis.
- Tesla, Block, and Blockstream Collaborate on Solar Powered Bitcoin Mining Facility
- Bitcoin/USD – Bitcoin Falls Back Within Range
- Ethereum/USD – ETH Hovering Over Support
Tesla, Block, and Blockstream Collaborate on Solar Powered Bitcoin Mining Facility
On April 8th, 2022 crypto firm Blockstream corp, and Block Inc. (formerly known as Square) announced that they were teaming up with Elon Musk’s Tesla to build a solar powered Bitcoin mining facility in west Texas. It is confirmed that the construction of the facility is already in progress, and is scheduled to be completed by the end of the year.
Blockstream will be responsible for providing the mining equipment and overseeing the logistics involved with the project. Blockstream and Block first began collaborating on this project last June, with Block promising to invest $5 million dollars for its construction. “We’re excited to start the construction of this facility using Tesla Solar and Megapack” said Adam Back, CEO and co – founder of Blockstream. Back says that the goal of this project is to prove that Bitcoin Mining can be 100% environmentally friendly with the use of renewable energy sources.
Bitcoin/USD – Bitcoin Falls Back Within Range
BTC Daily Chart
BTC Weekly Chart
At the time of writing, Bitcoin is priced at about $40k and has lost the $44k range support that we talked about in the last article. While price is giving a small bounce at this very moment, I personally believe that Bitcoin will eventually make its way back down to the other end of the range located around $34k – $37k. For now we will have to observe price action and see if this bounce is just short term relief or if it is something more meaningful and significant. If price can manage to make it back over the $44k level I believe we would get another shot at the $52k level.
Bitcoin Bull Scenario
Bitcoin maintains the bounce, reclaims the $44k resistance, and flips the level back into support.
Bitcoin Bear Scenario
Bitcoin loses the momentum from the short term bounce and we look for $34k to act as support again
Ethereum/USD – ETH Hovering Over Support
ETH Daily Chart
ETH Weekly Chart
At the time of writing, Ethereum is priced at about $3k after it was rejected last week from the $3.6k resistance area. At the moment ETH seems to be hovering right over the $3k support level and in my opinion, could be a great long opportunity if Bitcoin’s price can remain stable. If the $3k level cannot be held I would expect the $2.7k area to act as support again.
Ethereum Bull Scenario
Ethereum maintains the $3k level and pushes back up to the next resistance area of $3.6k again
Ethereum Bear Scenario
Ethereum loses the $3k area and we look for $2.7k or lower for support