This week on Tech Times' CryptoWatch, Bitcoin Mining's power consumption in the United States takes the top headlines as it was discovered by researchers in their initial estimates that it took as much as two percent of the country's electricity. Moreover, there was also the story of FTX's plans to repay customers and investors after the company went bankrupt, but with a catch.
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Lastly, the latest roundup of the prices of the top coins in the market is to bring you the latest information in the world of cryptocurrency and stay ahead of the trends.
Bitcoin Mining Reportedly Takes 2% of US Electricity
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For many years now, the world has known how much the top cryptocurrency consumes for the process of validating it and creating new ones, with Bitcoin mining recently discovered to take up as much as two percent of the United States' electricity.
The "mining" process is notorious for its consumption, but Bitcoin takes the top spot for it, and the latest rough estimates claimed that as much as 25 to 91 Terawatt-hours were recorded by the renowned coin.
The US Energy Information Administration (EIA) is looking to track just how much the renowned crypto consumes, claiming its exponential rise over the years. Moreover, the EIA also attributed the hotspots in the country for Bitcoin mining, saying that the biggest operations were found in Texas, and next is New York.
Most mining centers are established near underutilized power plants, seeing a surge in their power consumption once the Bitcoin mining operations start.
The latest claim by the defunct crypto-exchange platform and company, FTX, was their aspirations to pay back customers and investors after their monumental Chapter 11 bankruptcy declaration. It was regarded by the company's lawyer, Andrew Dietderich, that there is now a plan to do so, and are now working towards achieving this goal.
However, during the hearing, FTX and Dietderich claimed that while this is what they want, its latest statement was not a guarantee for those awaiting the fund's return.
There is a strategy already in place to achieve this goal, and it is believed that the objective is "within reach."
Moreover, Dietderich also clarified that FTX will not be making a return as a crypto-exchange platform after the state Sam Bankman-Fried, its former CEO and disgraced executive, has left it.
Top Cryptocurrency Prices Now
The latest on the prices of the top cryptocurrencies in the world has not changed exponentially over the past week, and while some saw a slight growth, most of the coins saw a minimal dip. According to CoinMarketCap's list, the rankings are still the same, with some changes in their prices, but nothing too big, unlike January's rally that boosted BTC and ETH's prices.
Bitcoin (BTC) - Price: $42,363.38 | 0.92 percent increase over the past seven days
Ethereum (ETH) - Price: $2,279.10 | 0.90 percent increase over the past seven days
Tether (USDt) - Price: $0.9998 | 0.04 percent decrease over the past seven days
Binance Coin (BNB) - Price: $304.86 | 0.20 percent decrease over the past seven days
Solana (SOL) - Price: $95.35 | 0.01 percent increase over the past seven days
