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### Russia Catching Up with the US in Bitcoin Mining
According to BitRiver, Russian miners produced 54,000 bitcoins worth $3.5 billion in 2023. The mining capacity reached 2.2 GW, up from 1 GW in 2022. Meanwhile, the US, using 5.3 GW, mined 143,000 BTC in 2023. The Gulf countries came third, mining 27,000 bitcoins with 1 GW of power.
Experts believe that the impressive growth of the Russian crypto mining market is due to a combination of factors. These include the cold climate in Siberia, low electricity tariffs, plenty of available spaces for setting up equipment, and the ability to negotiate with local authorities for certain rewards.
Specialists predict that the domestic mining market could grow by up to 40% by the end of this year if lawmakers pass bills regulating digital assets. This would lead to even faster development than currently seen. Since there is no legal ban on cryptocurrency mining in Russia, miners just need the appropriate regulatory framework to potentially surpass the US in both growth rate and bitcoin production volume.
### Understanding and Utilizing the Chaikin Money Flow (CMF) Indicator 📊
The Chaikin Money Flow (CMF) is a valuable tool for traders, designed to measure the Money Flow Volume over a specified period, typically 21 days. This indicator provides insights into buying and selling pressures in the market, making it particularly useful for retail traders aiming to identify key price areas where accumulation or distribution occurs.
When analyzing the CMF:
- 📈 **Positive CMF Value:** A CMF reading above zero suggests that buying pressure is prevalent. This is an indication of a potential upward trend, signaling that traders might expect the price to increase.
- 📉 **Negative CMF Value:** Conversely, a CMF reading below zero indicates selling pressure. This hints at a potential downward trend, suggesting that the price might decline.
Moreover, traders should pay attention to divergences between the CMF and the price movement. For example, if the price reaches new highs but the CMF does not follow suit, this could be a sign of weakening momentum, possibly heralding a reversal.
For enhanced accuracy, it is advisable to use the CMF in conjunction with other indicators. Consistent CMF readings above or below zero can reinforce the trend signals, allowing traders to make more confident decisions about market directions.
📌 Remember to save this information for future reference and share it with friends who might benefit from understanding how the CMF indicator can enhance their trading strategies.
On this special day, DOGE celebrates its 10th birthday, marking a delightful milestone by reaching 10 cents for the first time in two years. Bitcoin joins the celebration, uplifting DOGE to this achievement at $44,000. 🎉#doge #dogecoin #birthday #memecoin