In the past, cryptocurrency mining operations, especially that of Bitcoin, have gotten a lot of flack for consuming jaw-dropping amounts of energy. Bitcoin alone consumes more energy each year than the entire country of Switzerland.
An exodus of upward of 40,000 Bitcoin from derivatives exchanges BitMEX might have pushed up Bitcoin’s transaction fees. Meanwhile, Ethereum’s have fallen.
A growing number of Egyptians are reportedly turning to bitcoin amid rising unemployment and the economic crisis. An Egyptian bitcoin community is seeing a huge spike in the number of members interested in bitcoin mining and trading.
More than 32,000 bitcoin, currently worth about $335 million, has been withdrawn from BitMEX in less than 24 hours after the U.S. government filed charges against the crypto derivatives exchange’s owners.