BTC Moon Shot: What Just Happened?
This week, Bitcoin (BTC) shocked the market with a massive price surge, breaking through key resistance levels and hitting a new short-term high. At the time of writing, BTC is trading
above $110,000 USD, with momentum building faster than a January blizzard in Winnipeg.
This kind of moon shot catches attention, especially from hobbyist miners in Canada who’ve stuck through the long crypto winter. If you’re GPU mining on a budget or just spec mining from your laptop, you’re probably wondering: What does this pump mean for us?
Let’s dig in.
Why Did BTC Skyrocket?
There are a few major reasons behind the pump:
1. U.S. Economic Data & Fed Signals
The U.S. Federal Reserve hinted at halting rate hikes sooner than expected. This made traditional markets jump, and crypto followed suit. BTC acts as a hedge against inflation and uncertainty, and investors are piling in fast.
2. Spot Bitcoin ETFs
Several large Bitcoin ETFs, including BlackRock’s and Fidelity’s, reported record inflows. When institutions buy in bulk, the price reacts hard and fast.
3. Halving Hype
We’re fresh off the latest Bitcoin halving (April 2024), where mining rewards were cut in half. Historically, this has always preceded a major bull run — and this week might be the start of that next leg up.
Canadian Perspective: What Should Miners Do?
If you’re mining in Canada, especially in a colder province like Manitoba or Quebec with cheap electricity, this week’s moon shot should get your attention.
Here’s what I’m doing — and what you might consider:
✅ HODL Current Earnings
If you’re mining BTC directly (or converting from altcoins), this might be the time to hold your coins instead of cashing out. When BTC moves like this, it often keeps running.
✅ Spec Mining Looks Better
Coins like RVN, VTC, or even newer PoW tokens are now more profitable short-term, especially if their value rides on BTC’s coattails. I’m keeping my 400W rig on RVN, but I’m watching TradeOgre coins like a hawk.
✅ Watch Power Costs
Even with BTC up, Canadian hydro rates matter. In Manitoba, we’re lucky with ~$0.096/kWh. But if you’re in Ontario or Alberta, calculate your break-even and adjust accordingly.
What Happens Next?
If you’re new here — this might be your first BTC pump. If you’re a veteran — you’ve seen how quickly it can all swing the other way.
Here’s what I’ll be watching this week:
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Will BTC hold above $100K CAD or dump back to the $80K range?
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How do altcoins react? If ETH, LTC, and RVN follow, it could trigger a broader GPU mining comeback.
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Any regulation news? Especially from Canada — tax rules, mining restrictions, or new exchange laws could shift the playing field.
Final Thoughts
This week’s BTC moon shot is a reminder: crypto can move fast, and mining isn’t dead — it just sleeps between pumps.
For Canadian miners, now’s the time to tighten your rigs, track your power use, and maybe… consider holding a few more coins instead of instantly swapping for fiat.
Internal Link:
Check out our Beginner’s Guide to Crypto if you’re just getting started.
External Link:
Follow real-time BTC pricing and institutional flows at CoinMarketCap.