Crypto Finds Bottom, Altcoins Rise, South Americans Mine Bitcoin For $4k

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As Bitcoin and Ether seem to have found a temporary bottom around the $35k and $2.3k mark respectively, several altcoins are rising again.

Meanwhile South America proves to be a real growth market for Bitcoin mining. A report from Argentina shows that local miners can mint Bitcoin for as low as $4,000 per coin. Even with Bitcoin trading in the low $30k range, an incredible profit.

Temporary Bottom

As Scott Melker, known as the Wolf of All Streets, pointed out as well in the past hours, both Ether and Bitcoin seem to have found a temporary bottom from which they are apparently climbing again. Although we will have to wait a few days for confirmation and several closing wicks on the charts, a positive sign.

$ETH / $BTC

Pushing against key resistance with increasing volume on the daily.

Get out your popcorn, today is important. pic.twitter.com/xdXTffZJut

— The Wolf Of All Streets (@scottmelker) May 31, 2021

It remains to be seen whether this one will hold but the rising volume on the buy side is a good sign says Scott.

As it happens, several altcoins are on the rise again as well. This morning, Cardano, Binance Coin and XRP are all up more than 5%. Chainlink and VeChain meanwhile climbed over 10%.

Buenos Aires

Argentina might be missing out on organizing the Copa America because of rising Covid-19 infections, the country is experiencing a new boom in Bitcoin mining. Whereas we already reported this weekend on the growing Bitcoin boom in El Salvador, it now seems that more nations in the Americas are jumping on the bandwagon.

Argentineans, because of successive leftwing governments in the 1970s, have been blessed with subsidized energy through the state. Even the center and rightwing governments of the noughties (2000-2010) have been left unable to turn this around. Now that the economic activity is down due to Covid, it would appear that Argentineans are eager to mine Bitcoin.

High inflation and generous subsidies are turning Argentina into a hot spot for Bitcoin miners. https://t.co/UbnZtaf1Ar pic.twitter.com/LXt7zWWYc6

— Decrypt (@decryptmedia) May 31, 2021

A report in the Buenos Aires Times explains that this is because of cheap energy that allows them to mine the world’s best known crypto for as low as $4,000 per coin. As Bitcoin is currently trading for some $35,000, that is an incredible profit, even after the wages you have to pay personnel and the infrastructure investment. Looks like China and the US, currently the biggest crypto mining regions, might have a competitor on their hands in South America.