As Bitcoin soars, electricity prices for miners are raised

Bitcoin prices traded at high levels in the Asian session on Friday (February 5), maintaining yesterday's upward trend.

The quotes released by BITSTAMP showed that Bitcoin/US dollar (XBT/USD) soared from below 370 to above 390 yesterday, and traded above 385 at the high point of the Asian session this trading day.

(Bitcoin/US dollar time-sharing chart source: Bloomberg)

The quotes released by KRAKEN showed that Bitcoin/Euro (XBT/EUR) soared from below 335 to 350 yesterday, and fluctuated around 345 at the high point of the Asian session this trading day.

(Bitcoin/Euro time-sharing chart source: Bloomberg)

The quotes released by Huobi.com show that Bitcoin/CNY soared from 2465 to 2600 yesterday. It traded at a high of 2600 after reaching above 2628 in the Asian session of this trading day.

(Bitcoin/RMB 30-minute chart)

In terms of industry, the United States A Washington electric utility has raised electricity rates for bitcoin miners.

Electricity is very cheap in Chelan County, Washington, because the nearby dam on the Columbia River provides abundant electricity. Cheap electricity has attracted bitcoin miners, and the specialized mining machines that mine bitcoin require a lot of electricity.

Chelan County Utilities has now announced an increase in electricity prices for these large electricity users, from 3 cents per kilowatt-hour to 5 cents per kilowatt-hour. Bitcoin miners believe that the increase in electricity prices for them is discriminatory.