Bitcoin breaks above $30,000 as Argentina launches Bitcoin Building

Written by Marcus Sotiero, Analyst at a UK digital asset brokerage GlobalBlockpublicly listed in Canada.

Bitcoin finally showed its strength after printing 9 consecutive red weekly candles for the first time in a while yesterday. Bitcoin broke above $30K, but it needs to maintain the $29,300 level on a retest to signal a continuation of the bullish trend. Relief has long been delayed in the cryptocurrency market, as The US stock market actually rebounded last weekafter Jerome Powell’s speech that gave the market clarity on their plans for a soft economic landing.

Advance Bitcoin adoption in Argentina like Landium, a real estate company, is launching its first Bitcoin mining farm building. The goal is to generate income for the building’s operations, allowing it to cover the cost of maintenance, thus saving the cost of having to do it themselves. Ideally, the price of bitcoin rises to values ​​that produce a surplus, which can then be distributed among the residents and thus the residents paid to live in the building!

“It’s a way to give back to our customers,” said David Farias, CEO of Landium. The worst case scenario is either the price of Bitcoin dropping to the point where the mining farm can’t maintain building maintenance, or the ban on Bitcoin mining in Argentina.

Damien Lobo expects buildings expenses to be up to 50% lower, as the entire building will be powered by solar panels. Renewable energy is cheaper than home electricity which is already cheap.

Although the building is powered by solar energy, bitcoin mining is not. Therefore, in order to provide the most environmentally friendly solution, I think they should run bitcoin mining with solar energy as well, because bitcoin mining currently consumes more energy than the entire country in Argentina. This is also the most cost-effective method, as renewable energy is the cheapest form of energy in Argentina. In my opinion, operating Bitcoin mining with renewable energy in a cost-effective manner is how Bitcoin will reach $500,000 in the next five to ten years.

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