Bitcoin miners revenues exceed $50 billion; FBI and Ukraine seize 9 exchange domains on money laundering allegations; Coinbase launches international futures exchange
Bitcoin mining revenues since the emergence of Bitcoin have seen a level of $50.2 billion.
Blockchain analytics firm Glassnode revealed that its revenues for cryptocurrency miners increased by 37% to $50.2 billion. The company’s previous analysis had revenue of $36.6 billion. This means an increase of approximately $13.6 billion.
Why is Bitcoin mining important?
Bitcoin mining is vital to the functioning of the network. Miners use extremely powerful devices to solve highly complex mathematical problems.
In summary, devices that solve these complex problems are rewarded with BTC. While this process ensures the security of the network, it also paves the way for new BTCs to enter circulation.
The revenues generated by cryptocurrency miners depend on many factors such as the price of Bitcoin, transaction fees on the network, hash rate and mining difficulty.
While the value of Bitcoin gained incredible momentum, especially during the bull season, the revenues of BTC miners also increased significantly.
When Bitcoin first appeared, mining rewards stood at 50 BTC. These rewards have been halved every four years and finally dropped to 6.25 BTC in May 2020. This is designed to curb Bitcoin inflation. The total supply of the asset is set at 21 million.
FBI and Ukraine seize 9 exchange domains on money laundering allegations
The US Federal Bureau of Investigation (FBI) and Ukrainian law enforcement have seized the domain names of nine cryptocurrency exchanges allegedly aiding and abetting hackers.
According to a press release the other day, the FBI’s Detroit Field Office and the Ukrainian National Police worked in coordination to close and seize the domain names of crypto exchanges with the authority of the court.
Domains seized included the websites 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org, and bitcoin24.exchange.
It was stated that each of them offers completely anonymous digital currency trading services to its users. Thus, they bypassed many of the rules and regulations required by licensed crypto exchanges.
According to the FBI, such illegal, unlicensed exchanges serve as important bases in the cybercrime ecosystem.
According to the statements made, most of the criminal activities that take place on the aforementioned exchanges involve cyber attackers responsible for ransomware, as well as other fraudsters and cybercriminals.
FBI is getting more involved in crypto crimes
The FBI has had to be involved in a series of events in the crypto industry recently. The US Federal Bureau of Investigation conducted a search of the home of Ryan Salame, the former director of FTX, on April 27.
On February 3, the FBI seized 86.5 Ethereum (ETH) and two NFTs worth more than $100,000 from a reported phishing scam.
Coinbase launches international futures exchange
The largest US exchange, Coinbase, is expanding its international reach as it struggles with regulators in its home country.
Coinbase announced today that it is expanding the access of institutional customers to digital assets by opening the Coinbase International Exchange. The new venture is notable for complying with regulatory approval from the Bermuda Monetary Authority (BMA). The new exchange will initially offer users perpetual futures for Bitcoin and Ethereum.
Coinbase launched the Coinbase International Exchange today. In the first phase, this new exchange will offer perpetual futures of BTC and ETH traded in USDC, with up to 5x leverage, to institutional customers in non-US regions.
Coinbase stated that transactions on the Coinbase International Exchange will be made in USD Coin (USDC). The exchange said the new exchange will have several security features, including real-time 24/7 risk management, dynamic margin requirements and rigorous compliance standards.
The company said that corporate customers located in its eligible regions outside of the US will also be able to access the platform directly via an API, but retail customers will not have an initial access.
“As more and more markets move forward with regulatory frameworks to become a crypto hub, we believe the right time has come to launch this international exchange,” Coinbase said.