Energy Prices?

What will Soaring Energy Prices Do to Bitcoin?

I wish I had a good article to share with you to go over everything, but at this point, everything is still speculation. I’m mentioning this here so you can look into it. Matter of fact, here’s a link to get you started: https://www.google.com/search?q=rising+energy+prices+bitcoin&oq=rising+energy+prices+bitcoin

Most people are in agreement that energy prices will go up. Where I live, in Pennsylvania, I think it’s set to go up around 30-40%. In Europe, it’ll go up even more.

Generally speaking though, if the market goes down, Bitcoin goes down, or at least that seems to be the pattern. BUT what will happen as energy prices go up? What affect will it have on mining, mining difficulty, the halvenings and most importantly, the price. Will it cause Bitcoin to depart from its seemingly side by side walk with the stock market?

It may be a tough call when it comes to the image of Bitcoin too. As people look at their higher energy bills, they might not look so kindly on the energy intensiveness of Bitcoin mining. Then again, who knows… Maybe they’ll love it for some reason. : /

Now, I’ve heard a lot of Bitcoin mining warehouses use an astonishing amount of renewable energy. Still, people are VERY emotional. So what happens next with the price of Bitcoin is unknown. Same with the direction the economy will take over the Fall and Winter. Have we neared the bottom?

In the meantime, when I see a really big dip, I buy just a little bit more (inside my general spending budget).

Leave a Reply

Subscribe to Blog via Email