Mining cryptocurrency has it's upfront costs of mining equipment to the electricity to keep the mining rigs running. A miner has figured out how to run his BTC mining rigs with solar power. Costing him $8000 for each miner, the miners produce $18 of profits each day. The miner has stated that BTC neds to stay above $2000 to remain profitable.
Putin Praises Digital Tech at G20 Summit, Role for Bitcoin in View?
“The global economy’s transition to a new industrial order is underpinned by the development of digital technology. We believe that the G20 could take on a leading role in shaping international regulations in this area.” - Putin
"Bitcoin’s benefits on the economy of Russia could not be evident in the short term. However, the Russian Central Bank is likely considering the growing demands toward Bitcoin from casual traders and institutional investors. It is also likely that Russia will regulate Bitcoin for similar reasons as China, to prevent the Bitcoin exchange market from going underground and to black markets, which are harder to regulate and track."
"Putin and the Russian government’s overall stance on digital technologies and unified international regulation on the technology market may benefit Bitcoin, considering the overwhelming majority of countries that have regulated and legalized Bitcoin."
https://cointelegraph.com/news/putin-praises-digital-tech-at-g20-summit-role-for-bitcoin-in-view
On the Weekly chart LTC is on an upward count after a 4 week pullback closing on a double top.
On the Daily chart LTC shows that it popped up on the cup and handle as well maintaining it's support level in the triangle. Impressive given then current state of the crypto market blood bath. When most coins lost 20-40% losses, LTC only suffered single digit losses.
LTC might be a hedge as the TA shows bullish plus the fact that LTC is a clone of BTC with sewgit. I'm not saying BTC will crash but at the moment LTC works, it has segwit and I can see people hiding in LTC as the BTC scaling issue FUD continues.
If your still holding bags keep HODL.
If your looking to buy, wait a couple more days as I don't think we have reached the bottom yet this month.