Important insights:
- Mozilla will change its crypto donation policy to remove Proof-of-Work (PoW) donations.
- The latest move will take place with increased oversight of Bitcoin mining and its environmental impact.
- Technical indicators are bearish against Bitcoin and BTC is under the 50-day EMA.
Since China banned Bitcoin mining, Bitcoin (BTC) Mining is a hot topic. China’s ban has made the United States the largest Bitcoin mining country in the world.Since then, some Negative statistics In addition to scrutinizing the environmental impact of Bitcoin mining, it hit the news wire.
Shareholders and beyond are also influencing the position of crypto-related entities in Bitcoin, such as the Proof of Work Protocol, as governments and institutions focus on proof of work mining and environmental impact.
Mozilla will only accept proof of stake cryptocurrency donations
Earlier this year, FX Empire report A review of the Mozilla Foundation’s policies regarding cryptocurrency donations and consistency with the Foundation’s climate goals.
In response to Mozilla’s opposition to cryptography, Mozilla Has been updated Cryptographic donation policy.
Last week, Mozilla used Twitter to share its latest policy on accepting cryptocurrency donations. Mozilla tweeted
“We made a mistake, we heard you, and we have evolved.”
Update of our policy on accepting cryptocurrency donations.
We made a mistake, listened to you, and we have evolved. https://t.co/0bSThVJsCC
— Mozilla (@mozilla) April 7, 2022
According to the latest policy on crypto donations
- Mozilla will no longer accept the more energy-consuming “proof of work” cryptocurrencies.
- Mozilla will accept less energy-intensive “proof of stake” cryptocurrencies and will create and share a list of cryptocurrencies that will be accepted by the end of the second quarter of 2022.
The Foundation further states:
“These decisions are communicated by our commitment to climate change. In January 2021, Mozilla aims to exceed its Paris Agreement’s net zero emissions commitments to reduce greenhouse gas emissions. We promised to reduce it significantly every year.
Mozilla’s decision not to accept Proof of Work donations ensures that our funding efforts remain in line with our emission commitments. “
Mozilla has joined the growth list calling for a ban on the PoW protocol
Mozilla isn’t the only stance on proof of work cryptography.
This year, the U.S. Parliamentary Subcommittee expedition Proof of Work Crypto and its environmental impact. EU parliament has taken a more positive position, call Proof of work mining ban in front of parliament vote Leaving PoW miners intact.
For Bitcoin and other proof-of-work ciphers, the bigger question is whether Mozilla sets priorities.
Climate change is a big topic, and businesses around the world need to be aware of Mozilla’s position in response to community turmoil.
While Bitcoin adoption continues, sentiment towards PoW mining can leave Bitcoin in the cold.
Bitcoin price action
Despite the new focus on proof of work mining, the market response to Mozilla’s decision was benign.
At the time of writing, Bitcoin was down 0.75% to $ 39,788. At the mixed start of the day, Bitcoin rose to a high of $ 40,197 in the early morning and then fell to a low of $ 39,592.
Technical indicators
Bitcoin needs to move $ 40,012 for the day pivot Run at the first major resistance level for $ 40,757. Bitcoin needs broader market support to get out of $ 40,500.
In the event of another extended rally, Bitcoin can test the second major resistance level at $ 41,417 and the resistance at $ 41,500. The third major resistance level is $ 42,823.
Failure to pass the pivot will enable the first major support level of $ 39,344. Bitcoin should avoid less than $ 38,500, except for long-term sellouts. The second major support level is $ 38,604.
Look at the EMA And the 4-hour candlestick chart (bottom), which is a bearish signal. Bitcoin is under the 50-day EMA and is currently $ 42,502. This morning, the 50-day EMA withdrew from the 200-day EMA. The 100-day EMA has narrowed to the 200-day EMA. This was BTC negative.
The bearish cross between the 100-day EMA and the 200-day EMA results in long-term selling and enables less than $ 38,500.
