Offchain Labs, the initial developer of Arbitrum, the biggest Ethereum layer-2 network, announced “Fast Withdrawals” – described as “a new feature allowing select Orbit chains and RaaS providers to achieve withdrawal finality in under 15 minutes, compared to the usual wait time of up to seven days.” According to the team: “Implementing Fast Withdrawals cuts withdrawal times by over 90%, making the process extremely similar to withdrawing funds from a bank account. Although it is not identical, it represents a substantial improvement over the traditional blockchain standard, bringing it much closer to the experience of conventional TradFi funds transfer.” According to a press release, “Orbit chains that plan future support for the new feature include Apechain, Cheese, Nova, Sanko, Xai and others. RaaS providers include Offchain Labs, Alchemy, Altlayer, Ankr, Caldera, Conduit, and Gelato.” Here’s how it works, according to the press release:

Emory University, a private research institution in Atlanta, has reported $15.1 million worth of holdings in Grayscale Bitcoin Mini Trust.

This unusual move for a higher education institution was revealed in an Oct. 25 filing with the U.S. Securities and Exchange Commission.

According to the SEC filing, Emory University holds nearly 2.7 million shares of the Grayscale Bitcoin Mini Trust.

The tentative value of the holdings came around at approximately $15.1 million. This investment represents a major commitment to cryptocurrency exposure from an academic institution. This move also sets it apart from its peers in higher education.

The Grayscale Bitcoin Mini Trust, approved in July, functions as an offshoot of the larger Grayscale Bitcoin Trust. The mini trust is designed to provide passive exposure to Bitcoin’s price movements at a lower share price.

In addition to its Bitcoin (BTC) trust holdings, Emory reported ownership of 4,312 shares in Coinbase, valued at $768,269. The cryptocurrency exchange’s stock, COIN, was valued at $205.05 at press time.  

Emory University stands out

Emory’s investment choices mark a distinctive approach among educational institutions. Previously, pension funds in Wisconsin and Jersey City have reported holdings in crypto-based exchange-traded products.

However, Emory stands out as one of the few institutions of higher education to report owning such assets.

This move by a prestigious university that was founded in 1836 could signal growing institutional acceptance of cryptocurrency-related investments within the academic sector.  

The revelation by the university comes at a time when Bitcoin is struggling to sustain its upward momentum. Every time Bitcoin exhibits a bullish sign, various factors affect the overall market.

Bitcoin was down by over 2% at press time. The global crypto market cap is also down by almost 2% and stands at $2.27 trillion.

Colleges and crypto funds

Harvard University, Yale University, and Stanford University are among the high-profile institutions that have reportedly invested in cryptocurrency funds or Bitcoin trusts.

MIT (Massachusetts Institute of Technology) has also been actively involved in the cryptocurrency space, not only through its investments but also by contributing research and fostering blockchain innovation.

And University of Michigan invested in Andreessen Horowitz’s crypto fund in 2018. Andreessen Horowitz has substantial investments in cryptocurrency, including Bitcoin, so it’s likely that Bitcoin exposure was part of that portfolio.

Malaysia’s national electricity provider, Tenaga Nasional Berhad, has reported losses exceeding 440 million ringgit (about $101 million) due to electricity theft linked to illegal Bitcoin mining activities. 

Local reporting from The Star indicates that since 2020, this theft has significantly impacted TNB’s finances, resulting in a loss of 103 million ringgit in 2023 alone, according to Suhai Rizain, the director of Malaysia’s Criminal Investigation Department.

The losses from crypto mining have increased sharply over the years. In 2020, TNB recorded losses of 5.9 million ringgit. This figure escalated to 140.4 million ringgit in 2021, followed by 124.9 million ringgit in 2022, and 67.1 million ringgit last year. 

Bitcoin mining in Malaysia

Earlier this year in July, the TNB reported similar figuresn noting losses exceeding $755 million due to illicit Bitcoin mining activities from 2018 to 2023.

The deputy minister of energy transition and water transformation, Akmal Nasir, acknowledged that while crypto mining accounted for a small portion of total energy consumption, it had a significant financial impact on the country.

Additionally, authorities seized nearly $500,000 worth of electrical items linked to illegal mining operations and launched a crackdown on tax evasion involving digital assets.

The Criminal Investigation Department plans to investigate the factors contributing to these substantial losses, particularly the trends observed in 2022 and 2023.

Illegal Bitcoin (BTC) mining involves using unauthorized electricity to power computers that solve complex mathematical problems, enabling users to earn Bitcoin. This practice can lead to significant electricity consumption, which results in theft when miners do not pay for the power they use.