Crypto traders have been cashing in their holdings recently. Coinglass has revealed that over $340 million in cryptocurrency was liquidated at the beginning of the week.
The president of El Salvador announced that the country’s state-run geothermal energy utility would begin using power derived from volcanoes for Bitcoin mining.
Ether and Dogecoin also slid and the rush to sell caused brief outages at some cryptocurrency exchanges.
Researchers have also found that Bitcoin mining is more energy-intensive than mining both gold and platinum.