British Columbia to Implement Permanent Ban on New Power Connections for Crypto Mining
Permanent Ban on Crypto Mining: British Columbia has announced a permanent ban on new cryptocurrency mining connections to its hydroelectric power grid, following an 18-month suspension aimed at managing rising electricity demands from various industries.
Focus on Strategic Industries: The government is prioritizing energy use for sectors like artificial intelligence, data centers, and traditional industries, citing the limited economic benefits and high energy consumption of crypto mining as reasons for the ban.
BC Hydro's Role: BC Hydro will enforce the ban starting in fall 2025, aiming to ensure reliable and affordable energy distribution while supporting the growth of more beneficial industries.
Industry Reactions: The decision has faced criticism from some in the cryptocurrency sector, who argue that mining can be integrated with renewable energy systems, while the government remains focused on energy stability for strategic industries.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 35985.076 | 47992.538 | 60255.096 | 72262.558 | 84525.116 | 96532.578 | 108795.136 |
| Fibonacci | 47992.538 | 57263.686 | 62991.41 | 72262.558 | 81533.706 | 87261.43 | 96532.578 |
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