Bitcoin for the first time in 2020 began to cost more than $12 thousand

Bitcoin for the first time in 2020 began to cost more than $12 thousand, but soon after that, it lost 12% of its value. Bitcoin has almost doubled since May.

The bitcoin rate crossed the $12 thousand mark, this happened for the first time since August 2019. However, in the course of further trading, the cryptocurrency lost 12% of its value in just 6 minutes. Experts note that such fluctuations are associated with a large-scale liquidation of positions on the BitMEX exchange. As of 21:00 Moscow time, Bitcoin was worth $ 11,200.

At the same time, over the past month and a half, the bitcoin rate has doubled – on May 9, the cost of the cryptocurrency exceeded $ 6 thousand. Experts attribute this to the fact that the supply of cryptocurrency from miners has decreased, and the interest of investors has grown during this time.

Earlier, New York’s Greenidge Generation power plant began mining bitcoins using excess energy that could not be stored. They manage to mine up to 5.5 BTC per day. The Greenidge Generation power plant administration noted that the additional energy allows them to mine up to 5.5 BTC per day.

According to Bloomberg, Atlas Holding LLC, the private investment company behind the initiative, has installed about 7,000 units of mining equipment. The facility itself was built in 1937 and initially operated on coal, and then converted to work on natural gas.

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Author: John Kessler
Graduated From the Massachusetts Institute of Technology. Previously, worked in various little-known media. Currently is an expert, editor and developer of Free News.
Function: Director
John Kessler

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