Mongolian authorities have put the kibosh on cheap electricity for crypto miners, Venezuela is seeing healthy crypto use outside government-approved exchanges and a “critical bug” has left 13% of Ethereum nodes useless.
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Growing institutional interest is helping to drive a recent spike in volume on Bakkt, according to its president, Adam White. Trading volumes for physically settled bitcoin futures on Bakkt rose to $134 million on Tuesday from a previous high of $132 million on July 28, Muyao Shen reports. Physically settled means buyers receive tokens at expiration instead of cash. “It’s not a bet on the price of bitcoin,” White said. “It doesn’t rely on an index price created from unregulated spot markets that are self-reporting their data.” Despite the recent surge, Bakkt still lags behind CME Group, a bigger, U.S.-regulated exchange. Data shows the aggregated daily volumes of bitcoin futures on Bakkt and the CME were at $279 million and $1.5 billion, respectively, on Monday.
Mongolian mining moratorium?
Over 20 bitcoin mining farms in China’s Inner Mongolia have been stripped of electricity perks after a clampdown by the local government. A document issued by the Department of Industrial and Information Technology of the Inner Mongolia Autonomous Region on Aug. 24, shows the government agency suspended electricity discounts provided by the state-owned regional energy trading firm, following onsite inspections that found many supposed data centers were actually bitcoin mining facilities. With the policy change, electricity costs could reach 0.38 yuan per kWh ($0.054), up from 0.26–0.28 yuan per kWh ($0.037 to $0.040), CoinDesk’s Wolfie Zhou reports.
Venezuela’s crypto economy
A new Chainalysis…