Bitcoin Rises Above $44,000 As Energy Giant, Exxon Mobil, Hints At Bitcoin Mining

The leading cryptocurrency in terms of market capitalization, Bitcoin has continued to show its dominance by moving past the $44,000 mark, effectively moving the weekly gains above 8%.

The latest price rally comes when investors have renewed confidence in the recovery of the BTC, and the ongoing conflict in Eastern Europe also contributes to the upward price trend.

Russia announced on March 24 that it is considering accepting payment in Bitcoin for oil and gas transactions. And the move will no doubt aid in the recent price action of the BTC.

Increased Whale Addresses

According to the on-chain data analytic firm, Santiment, since the commencement of the war between Russia and Ukraine, whales activities have resumed and even surpassed the previous record.

The on-chain data firm further added that the number of Bitcoin network users holding 1k to about 10k has risen to 8.3% after the official declaration of the war between Russia and Ukraine. That is about 2,203 added addresses within a single year.

The price of BTC is high compared to previous days, but the current Bitcoin trading is still under the 200-day moving average outlined at the beginning of the trading session. However, if a regular breakout above $45,500 is attained, a rapid uptrend in price is assured. A major bull trend would take over the market at $45,500.

Excess Gas, A Possibility For Bitcoin Mining

The Bloomberg report revealed that the U.S based energy giant Exxon Mobil is considering Bitcoin mining using excess gas production as part of its pioneering crypto mining program.

According to sources in the know, the oil company has already signed a partnership deal with Crusoe Energy Systems, where the excess gas produced by Exxon Mobil would be redirected to and used for Bitcoin mining instead of leaving it to waste.

Exxon Mobil is reported to have previously launched a similar project in North Dakota at the beginning of last year. The oil firm is looking to replicate its previous feat in various locations globally, including Alaska in the U.S., the Qua Iboe Oil Terminal in the South of Nigeria, the Vaca Muerta Shale Field in Argentina, and others.

For emphasis, Exxon Mobil was not the first oil company to have made such a move to explore Bitcoin mining using gas. Last month, ConocoPhillips declared that it was ready to sell its excess natural gas to Bitcoin mining zones operating within the range of its gas plant.

The ongoing talks about Bitcoin gas mining come when concerns about the environment by some governments and other activist groups are on the rise. Even the European Union has been debating on whether to ban Bitcoin mining or not.

It is not clear whether using gas to mine Bitcoin would be a welcome development even though Exxon Mobil has already started the project in the Bakken region of North Dakota. Bitcoin gas mining may be the new way for oil companies to step into the crypto industry.

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