Crypto Moves — Bitcoin, Ether down; Robinhood cuts workforce; Revoult eyes expansion into crypto wallets

Crypto Moves — Bitcoin, Ether down; Robinhood cuts workforce; Revoult eyes expansion into crypto wallets

RIYADH: Bitcoin, the leading cryptocurrency internationally, traded lower on Wednesday, down 4.42 percent to $38,816 as of 10.45 a.m. Riyadh time. Ether, the second most traded cryptocurrency, was priced at $2,879, down 4.26 percent, according to data from Coindesk. The bitcoin mining industry continues to improve its sustainable energy use and technological efficiency, according to the latest Bitcoin Mining Council, or BMC, report. At the end of May last year, Elon Musk, founder and CEO of SpaceX and Tesla, convinced Bitcoin industry leaders to form a BMC and in mid-July, it launched its public services and website. The BMC survey for the first quarter of 2022 presents three metrics which include: “electricity consumption, technological efficiency, and sustainable power mix.” BMC researchers were able to survey nearly 50 percent of the network's hashpower on March 31, 2022. The survey indicated that 64.6 percent of all respondents benefit from electricity with a sustainable power mix, Bitcoin.com reported. “Based on this data it is estimated that the global bitcoin mining industry’s sustainable electricity mix is now 58.4 percent or had increased approximately 59 percent year-on-year, from the first quarter of 2021 to the first quarter of 2022, making it one of the most