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Memecoin Sends BTC Fees to the Moon, Miner Profits Surpass $50B...

Published on

May 7, 2023
Read Time:6 Minute, 27 Second

Prime tales of this week

The memecoin hype drives bitcoin transaction charges to a multi-year excessive

The continuing buying and selling frenzy of memecoins like Pepe has unleashed an unintended consequence for Bitcoin (BTC) — sending transaction prices to their highest ranges in two years. On Could 3, the overall quantity of charges paid for the Bitcoin blockchain reached $3.5 million, up about 400% because the finish of April. Bitcoin's BRC-20 token customary has change into the most recent pattern within the crypto ecosystem given the rise of memecoins. A complete of 8,500 totally different tokens have been minted in response to the BRC-20 customary. Gasoline charges on the Ethereum blockchain have additionally lately surged to new multi-month highs.

Bitcoin miners made $50B from BTC block rewards, charges since 2010

Amid an ongoing debate over miner prices and vulnerability to bitcoin value declines, new numbers counsel miners are firmly within the black for the long run. Calculations by on-chain analytics agency Glassnode counsel that since 2010, charges and subsidies for block rewards have netted miners billions. The miners' whole revenue is nearly 40% larger than their estimated prices, coming in at $50.2 billion versus $36.6 billion.

"Godfather of AI" resigns from Google, warns of the risks of AI

Synthetic intelligence pioneer and former Google worker Dr. Geoffrey Hinton shared his issues concerning the expertise he has helped develop in recent times. Based on the neural community skilled, AI may pose a menace to humanity sooner or later because it learns surprising behaviors from the huge quantities of knowledge it analyses. He's additionally involved concerning the ongoing AI arms race to develop lethal autonomous weapon techniques, in addition to an growing variety of pretend pictures, movies and texts flooding the web.


Balaji pays out his insane $1M Bitcoin wager, 97% beneath goal value

A wild bitcoin value wager between former Coinbase chief expertise officer Balaji Srinivasan and pseudonymous Twitter person James Medlock was settled 45 days prematurely for $1.5 million. Medlock supplied to wager $1 million every that the USA wouldn't expertise hyperinflation on March seventeenth. The ex-Coinbase govt took the wager, predicting that the US greenback would deflate resulting from inflation and in consequence, BTC would hit $1 million inside 90 days. The deal earned Medlock $500,000, whereas one other $1 million went to 2 organizations.

Microsoft is scrapping the Bing waitlist and giving customers free entry to GPT-4

Microsoft lately introduced a variety of new AI-powered options for its Bing chatbot and Edge net browser, together with full entry to the GPT 4 mannequin - the identical underlying engine that powers the ChatGPT Plus subscription service. The brand new options don't require any purchases or subscriptions, though customers will want a free Microsoft account to make use of the total vary of options of the Bing chatbot. In distinction, OpenAI's ChatGPT Plus service prices $20 per 30 days for entry to the identical GPT 4 mannequin.

Winner and Loser

Bitcoin on the finish of the week (Bitcoin) is at $29,618ether (ETH) at $1,991 And XRP at $0.46. The entire market capitalization is at $1.22 Trillion, after to CoinMarketCap.

Among the many prime 100 cryptocurrencies, the highest three altcoin gainers of the week are Pepe (PEPE) that 961.32%, FLOKI (FLOKI) at 35.36% and Rocket Pool (RPL) at 10.15%.

The highest three altcoin losers of the week are Sui (SUI) regular at -70.87% (IMX) at -10.68% and Cronos (CRO) at -10.06%.

For extra info on crypto costs, see Cointelegraph's Market Evaluation.

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Most Memorable Quotes

"Even within the US, the place that [CDBC] For a very long time it was a marginal subject, however now there may be engagement, and with good purpose. The long run is right here.”

Kristalina GeorgievaGovernment Director of the Worldwide Financial Fund

"I've spent my very own cash to ship a confirmed, pricey sign that one thing is flawed with the economic system and that there will not be a 'delicate touchdown' as Powell guarantees - however one thing a lot worse."

Balaji Srinivasanformer Chief Expertise Officer at Coinbase

“Within the subsequent 10 years there can be only a few people who find themselves not concerned in a roundabout way [crypto] Sector."

LisaCameronMember of the UK Parliament

“It is that uncertainty that pervades every part. You simply do not know what's coming subsequent or the place it will come from or why or how within the US.”

Oliver LinchCEO of Bittrex World

"I console myself with the standard excuse: If I hadn't accomplished it [co-developed modern artificial intelligence]another person would have accomplished it.”

Geoffrey HintonSynthetic Intelligence pioneer often called the “Godfather of AI”

"Nicely, I believe now we have each, and I believe it is a bit naive to say that [banking crisis] is proscribed to the First Republic solely.”

BobMicheleChief Funding Officer of JP Morgan Asset Administration

forecast of the week

Bitcoin value units contemporary Could excessive above $29.5k as merchants eye a breakout

Bitcoin eyed a rebound of extra misplaced floor on Could 5 with $30,000 nonetheless in play. The BTC/USD pair had fallen the day earlier than on Wall Road's open with US shares, however the weak point was short-lived as $29,000 assist returned.

Standard pseudonymous dealer Alan, often known as Dealer Tardigrade, was optimistic a few continuation of the upward transfer that would mimic his late-2020 breakout. including that the second is making ready for an "oncoming bull run".

FUD of the week

Argentina's central financial institution bans cryptocurrencies from cost apps

Argentina's central financial institution banned payment providers from offering crypto transactions, claiming they intend to reduce the country's payments system's exposure to digital assets. Cryptocurrencies are not regulated in Argentina, which means that all coins and tokens are subject to the decision. Argentina's Fintech Chamber has urged the government to reconsider the decision.

FBI, Ukraine seizes 9 exchange domains on money laundering allegations

The domains of nine digital currency exchanges suspected of helping and abetting cybercriminals have been confiscated by the United States Federal Bureau of Investigation and Ukrainian law enforcement agencies. Domains seized included 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org, and bitcoin24.exchange. Each site reportedly offered anonymous crypto exchange services, bypassing many of the rules and regulations required of a licensed firm.

Darknet hackers are selling crypto accounts for as little as $30 each

Cyber ​​criminals from the shadowy parts of the internet are reportedly selling hacked, verified crypto accounts on the dark web for as little as $30 each. Hacked accounts can be used to illegally circumvent know-your-customer operations on popular cryptocurrency exchanges. But cryptocurrency accounts aren't the only items on the list — account credentials for credit cards with balances of up to $5,000 are sold for just $110, while credentials for online bank accounts with balances of up to $2,000 are sold for Selling for $60.

Best Cointelegraph Features

How to control the AIs and inspire people with crypto?

Some experts believe that AI must be governed by decentralized networks. Others say tokens can be used to incentivize people to prepare the records.

Joe Lubin: The Truth About ETH Founders Split and 'Crypto Google'

The Ethereum co-founder talks ancient history, what's next for MetaMask and Infura, and what the future holds for the #2 cryptocurrency.

Your guide to the exciting and terrifying world of runaway AI development.

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editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : May 7, 2023
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