Cryptocurrency & Mining News - Page 1

The latest and most important Cryptocurrency & Mining news.

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AMD Ryzen 9 7950X used by cryptominers, making $3 per day in profit from their CPUs

Anthony Garreffa | Mar 13, 2024 9:36 PM CDT

Uh-oh... it's starting again... AMD's current-gen Ryzen 9 7950X processor has become a super-popular CPU for crypto mining, earning higher profits than some of the fastest GPUs on the market.

AMD Ryzen 9 7950X used by cryptominers, making $3 per day in profit from their CPUs

Our friends at Wccftech are reporting that because of the rise of Bitcoin pricing, CPUs are being used for crypto mining, whereas Qubic (QBIC), crypto miners are using CPUs that have AVX2 and AVX512 instructions on the Zen 4 architecture, which are great for crypto mining. Intel dropped AVX512 support for its processors, starting with Alder Lake, seeing crypto miners flocking to Ryzen 7000 series processors.

AMD processors were used for Raptoreum mining algorithms, using the huge L3 cache on Ryzen and Threadripper CPUs. 3D V-Cache models featured gigantic pools of cache stacked on the chips, perfect for crypto mining. Qubic (QBIC) coins generate a profit of around $3 per 24 hours, including the electricity cost of running a Ryzen 9 7950X processor, even at 170W of power consumption.

Continue reading: AMD Ryzen 9 7950X used by cryptominers, making $3 per day in profit from their CPUs (full post)

Bitcoin reaches new all-time high before quickly tumbling back down

Jak Connor | Mar 9, 2024 12:01 AM CST

After years of waiting, the price of Bitcoin hit a new all-time high, pushing just above $70,000 before it quickly recorrected by 5%.

Bitcoin reaches new all-time high before quickly tumbling back down

It was November 2021 when Bitcoin hit its previous all-time high, capping out at $69,000 before the world's most valuable cryptocurrency entered into a bear market of price recorrection. That bear market has seemingly come to its end as the price of BTC has been on the rise since November 2022, steadily increasing all throughout 2023 and now reaching its new all-time high of $70,184.

CNBC reports the upswing in price began when the US stock market opened, which can be traced back to the introduction of spot bitcoin exchange-traded funds in the US. On Tuesday, BTC pushed to its previous highs, and once it got there, the cryptocurrency quickly tumbled back down by as much as 10%, which resulted in many other cryptocurrency coins coming down with it. However, those losses were then regained the next day, eventually leading to the new all-time high.

Continue reading: Bitcoin reaches new all-time high before quickly tumbling back down (full post)

PlayStation 5 APU used in AMD BC-250 crypto mining cards, that are now on eBay for $500

Anthony Garreffa | Dec 17, 2023 6:40 PM CST

Well, we're seeing some interesting use of the PlayStation 5 APU... in the form of the AMD BC-250 crypto mining card that has just hit eBay. Check them out:

PlayStation 5 APU used in AMD BC-250 crypto mining cards, that are now on eBay for $500

ASRock has a crazy mining system that cost $15,000 when it was released, packing 12 x AMD BC-250 crypto mining cards in a kitted-out mining chassis. Each of the BC-250 crypto mining cards features the Ariel/Oberon processors that have Zen 2 CPUs and RDNA 2 GPUs, which make up the APU or SoC inside of Sony's current-gen PlayStation 5 console.

However, these BC-250 chips are not fully functioning, as they have partially disabled graphics that were also retro-fitted into the AMD 4700S desktop kit. At the time, the ASRock 12 x GPU mining system was pumping away at 610MH/s on both ETHASH and ETC. That wasn't bad at the time, with $2 per day per GPU.

Continue reading: PlayStation 5 APU used in AMD BC-250 crypto mining cards, that are now on eBay for $500 (full post)

Binance guilty of money laundering, agrees to pay $4.3 billion fine, CEO also resigns

Anthony Garreffa | Nov 21, 2023 8:52 PM CST

Binance is in a world of trouble right now, with Binance founder Changpeng Zhao pleading guilty to money laundering and agreeing to resign from the company.

Binance guilty of money laundering, agrees to pay $4.3 billion fine, CEO also resigns

Not only that, but Zhao will pay a $50 million fine and will be barred from any involvement in the Binance business. As for Binance, the company pleaded guilty, accenting the appointment of a monitor and a criminal fine of close to $1.81 billion, and a $2.51 billion order of forfeiture to settle not one but three criminal charges.

The US Justice Department charged Binance, which is the world's largest cryptocurrency exchange, with conducting an unlicensed money transmitting business, a conspiracy charge, and violating the International Emergency Economic Powers Act.

Continue reading: Binance guilty of money laundering, agrees to pay $4.3 billion fine, CEO also resigns (full post)

Secret crypto mining rig found under Polish court floor, was run by IT maintenance staff

Anthony Garreffa | Nov 16, 2023 8:48 PM CST

The IT maintenance staff working in the Supreme Administrative Court of Warsaw, Poland, were busted with a hidden cryptocurrency mining operation underneath the Supreme Court.

Secret crypto mining rig found under Polish court floor, was run by IT maintenance staff

Crypto mining hardware was found inside of the ventilation duct, and the technical floor was discovered in the last couple of months, with the investigation being conducted by the prosecutor's office, while the Internal Security Agency has been notified of the crypto mining operation being busted.

Investigators found computers and components placed inside of the technical floor near the devices supplying power to the building, so the crypto mining operators were sucking down power from the court while making moola on the side. The cryptocurrency mining operation under the Supreme Court in Poland might have been using their power. Still, they had their own networking hardware and modem, meaning they had their own internet connection to the mining rigs, too.

Continue reading: Secret crypto mining rig found under Polish court floor, was run by IT maintenance staff (full post)

YouTuber gets $60,000 worth of crypto stolen from him during a livestream

Jak Connor | Sep 1, 2023 6:52 AM CDT

A blockchain and cryptocurrency YouTuber was livestreaming when he accidentally revealed vital information for several of his crypto wallets.

YouTuber gets $60,000 worth of crypto stolen from him during a livestream

That YouTuber is Ivan Bianco, who runs the channel Fraternidade Crypto, a cryptocurrency-gaming focussed channel based out of Brazil. Bianco was livestreaming when he accidentally revealed some of his seed phrases for his wallets. If you aren't familiar with the crypto nomenclature, seed phrases are basically complex passwords that grant access to wallets containing coins.

Bianco opened a document during his livestream that revealed several seed phrases, which viewers then recorded down and then later accessed, stealing $60,000 worth of coins and NFTs. The theft reportedly occurred within minutes of the seed phrases being revealed, and the YouTuber was seen during a later livestream crying and explaining to his viewers what had happened.

Continue reading: YouTuber gets $60,000 worth of crypto stolen from him during a livestream (full post)

SEC fines US media company millions for selling unregistered NFTs

Jak Connor | Aug 29, 2023 4:25 AM CDT

The US Securities and Exchange Commission (SEC) has settled its first-ever enforcement action against a company that was selling unregistered Non-Fungible Tokens (NFTs).

SEC fines US media company millions for selling unregistered NFTs

That company is Impact Theory, and according to a recent filing with the Securities and Exchange Commission, the company has been ordered to pay more than $6.1 million in penalties. Impact Theory, the Los Angeles-based media company, raised approximately $30 million from hundreds of investors for its NFT project "Founder's Key".

According to the SEC, Impact Theory wrongfully encouraged investors to purchase the NFTs as a way to invest in the business, and since the company offered investors digital assets through a form of "investment contracts", the NFTs are considered to be "securities". Additionally, the SEC order instructed the company to create a "Fair Fund", which is meant to be a way investors can recover their losses.

Continue reading: SEC fines US media company millions for selling unregistered NFTs (full post)

Bored Ape investors sue Paris Hilton and Justin Bieber over undisclosed financial ties

Jak Connor | Aug 20, 2023 2:01 AM CDT

The once-popular Non-Fungible Token (NFT) collection Bored Apes has dramatically decreased in value since the collapse of the price of Bitcoin, resulting in fear-uncertainty, and doubt to plague the cryptocurrency space.

Bored Ape investors sue Paris Hilton and Justin Bieber over undisclosed financial ties

Following the dramatic price dip of Bored Apes, which were only highly sought-after NFTs, a group of Bored Ape investors have filed a lawsuit against Sotheby's auction house for a 2021 promotion of a Bored Ape collection. According to the four plaintiffs, the auction house "misleadingly promoted" the NFT collection and colluded with Bored Ape Yacht House creators Yuga Labs in an effort to artificially increase the price of the NFTs.

Sotheby's isn't the only one named in the lawsuit, as the group of investors has also named celebrities such as Justin Bieber and Paris Hilton, which are both accused of promoting the NFT collection without disclosing financial ties to Yuga Labs. For context on how much the price of Bored Apes has dropped, the cheapest of the colorful NFTs was sold back in May 2022 for $400,000, and now the cheapest Bored Ape can be bought for just $52,445.

Continue reading: Bored Ape investors sue Paris Hilton and Justin Bieber over undisclosed financial ties (full post)

SpaceX liquidates its $373 million Bitcoin position amid chronic crypto market crash

Jak Connor | Aug 18, 2023 10:21 AM CDT

The price of Bitcoin is an a freefall and according to reports more than $800 million in cryptocurrency positions were liquidated within just 30 minutes.

SpaceX liquidates its $373 million Bitcoin position amid chronic crypto market crash

The mass sell off caused the price of Bitcoin to plummet down to $25,300, the lowest its been since January this year. The liquidations coincide with a recent article published by The Wall Street Journal that revealed rare details about Elon Musk's private space flight company SpaceX.

The report from Wall Street Journal revealed details about Elon Musk's finances and claimed that SpaceX's Bitcoin holdings were $373 million for last year and the year before, but the company has now "sold the cryptocurrency".

Continue reading: SpaceX liquidates its $373 million Bitcoin position amid chronic crypto market crash (full post)

Judge puts Sam Bankman-Fried behind bars after revoking bail

Jak Connor | Aug 13, 2023 4:58 AM CDT

Reports indicate that a federal judge has revoked Sam Bankman-Fried's bail after new information surfaced that alleges Bankman-Fried attempted to intimidate witnesses.

Judge puts Sam Bankman-Fried behind bars after revoking bail

Sam Bankman-Fried (SBF), the founder of the now collapsed cryptocurrency exchange FTX, has been thrown behind bars, according to individuals present at his August 11 hearing in the United States District Court for the Southern District of New York.

Judge Lewis Kaplan ordered that SBF's $250 million bail be revoked, with reports indicating that Kaplan cited SBF's interviews with New York Times reporters where he revealed some information with the likely intention "to hurt or frighten" former Alameda Research CEO Caroline Ellison, SBF's former colleague, and girlfriend.

Continue reading: Judge puts Sam Bankman-Fried behind bars after revoking bail (full post)