Today in Crypto: Crypto.com’s CRO Token Drops 11% After Company Cuts Rewards; ApeCoin Drops After Virtual Land Sale

Crypto.com’s CRO Visa Cards will be undergoing some changes soon, with a reduction in rewards, a new rewards cap and the phasing out of some rewards, according to a company blog post published Sunday (May 1).

Cardholders with an active 6-month stake from before May 1 this year will earn the same rewards at their current rate until their 180 day stake is done. After that, there will be revised spending rates.

Additionally, Ruby Steel cardholders will have their monthly rewards capped at $25, while Royal Indigo and Jade Green cardholders will have theirs capped at $50. The company added that CRO staking rewards will be phased out after June 1 for Jade Green, Royal Indigo, Frosted Rose Gold, Icy White and Obsidian cardholders.

CoinDesk reported that following the announcement, the price of Crypto.com’s CRO token fell 11%.

In other news, bitcoin miners have been doing a new version of “yield farming,” a crypto money-making strategy, Bloomberg wrote Monday (May 2).

Firms like Marathon Digital Holdings and others, rather than using expensive computer hardware to help mine crypto, have instead been selling bitcoin call options. That could help them get money out of their holdings, with a yield-generating strategy working with conventional finance.

Furthermore, ApeCoin is seeing a drop in value after Yuga Labs, which makes the Bored Apes Yacht Club non-fungible tokens (NFTs), raised $320 million selling virtual plots of land for its metaverse project.

As Bloomberg reported Monday, the demand was so strong that activity about the event had ripple effects across Ethereum’s blockchain, which messed with activity and caused rising transaction fees.

In further crypto news, Michael Saylor and Jack Dorsey are among the myriad signers of a new letter defending the merits of crypto mining.

This letter is a response to a letter sent to U.S. Environmental Protection Agency Administrator Michael Regan last month, which purports that, among other things, bitcoin mining is polluting the environment.

Those defending the mining said data centers don’t emit pollutants. They added that allegations that bitcoin mining’s energy usage could power a city, and that proof of stake is a good replacement for a mining technology, are misleading.

Finally, HODL has been added to the list of available currencies on MyCryptoCheckout, according to a Monday press release.

MyCryptoCheckout is a WordPress plugin that lets website owners accept crypto payments. It’s an open-source plugin for WooCommerce, the eCommerce platform built on top of WordPress.