New Inflation Data Announced. What To Know

GM (Good Midweek), everyone. It's that time of the day when BitDegree Insider brings you the goodies.

Today's topics:

• UK & Europe Inflation
• Europe vs Crypto Mining
• Aptos Airdrop
• Something Good
• Selected Meme of The Day
• Bite-Sized News

UK & Europe Inflation

The UK is having a hard time. The Office for National Statistics (ONS) has just announced the latest inflation data, and the numbers are not reassuring.

The CPI (Consumer Price Index) rose from 9.9% to 10.1% in September. The highest in 40 years. The data was published soon after UK's Finance Minister Kwasi Kwarteng was sacked from his position, after 6 weeks in the job.

The latest UK inflation data marks yet another chaotic episode in the currently ongoing series called 'UK Economy'. But, despite them having left the EU, an economy of such size will cause ripple effects all over the place. We'll most likely see the Bank of England increase interest rates, which, in its turn… will once again remind us that the Bear market is not leaving, because the bear is hibernating.

But it's easy to joke around. The reality is that the UK has more food banks than McDonald's branches. Recession means further strict monetary policy implementations, which, in turn, means more hardship for people.

The Euro zone, on the other hand, is doing better. But still far from alright. The forecast for the Euro area's September inflation rate was 10%. But the actual number was… 9.9%. Even though the double digit was dodged, the 9.9% situation is far from good-looking. European Central Bank's goal is 2%. So… On October 27, we can be sure to read the news about yet another 75 basis point interest rate hike.

Europe May Ban Crypto Mining

The European Commission has announced that the EU member states should be prepared to suspend crypto mining if necessary. And 'necessary' means 'if it is necessary to reduce the load on electricity systems'.

Such discourse takes place against the backdrop of the energy crisis. No surprises here.

The Commission also emphasised the possibility of removal of tax incentives for mining companies. It was communicated clearly that such a step would be important at least for the duration of the crisis.

Such a step would mean that PoW is facing political pressure. Critics say this is unfair, since the latest studies found out that mining consumption accounts only for 0.16% of global energy pollution, and such bans are favourable for PoS and other blockchains.

Aptos Airdrops

Aptos, the newly-launched blockchain (which we talked about yesterday), continues to steal headlines. This time they've announced that they just airdropped 20 million tokens to early testnet users. Around 110,000 addresses retroactively received a total of 20 million Aptos tokens. That's 2% of the initial total supply of 1 billion APT.

These tokens were valued at over $200 million at the time of the airdrop. A nice way of expressing gratitude for those who believed in you in the early stages.

Good for those who were aware about the existence of this testnet. They got the chance to jump on the early train. If only there was a way of finding out about other testnets that are still in the works… Oh wait. There is. Here's a question:

Would you be interested in finding out about other testnets and the possibility to participate in them?

Something Good

Okay, we've got something we wanna share with you. So it happens that… We've started a Youtube channel! Now we're making videos as well.

If you're interested in a particular topic and want to go deeper, or you simply prefer watching stuff instead of reading… It's made for you. You can check out our latest video about ICP and Avalanche blockchains. In it we go into the tech details of both projects, explore, explain and learn on the way. Be sure to check it out, like and subscribe if you find this kind of content valuable.

Selected Meme of The Day

Bite-Sized News

• Ethereum Foundation Rolls Out Shanghai Upgrade Testnet
• A Number of Food Companies File NFT and Metaverse Trademark Applications
• Lemon Cash Partners With TravelX to Allow Airline Ticket Purchases Using USDC
• German Crypto Bank Nuri is Closing Its Doors After Failing to Find a Buyer