$700 Million of SBF Assets Seized Amid Crypto Industry Tumble

• Federal prosecutors seized almost $700 million in assets and cash connected to Sam Bankman-Fried, primarily Robinhood shares.
• The seized accounts were in Silvergate Bank, under FTX Digital Markets, the Bahamian subsidiary of the exchange, with over $6 million.
• SBF has denied any misappropriation of customer assets.

In November 2020, the entire crypto industry tumbled after FTX, a crypto exchange founded by Sam Bankman-Fried (SBF), filed for bankruptcy. Since then, other exchanges associated with FTX and funds on the platforms have gone down, including Alameda Research and BlockFi. This led to the arrest of SBF in the Bahamas and the federal prosecutors seizing almost $700 million of his assets.

The seized assets primarily comprised of Robinhood shares, a 7.6% stake of which was purchased by SBF in May 2022. According to the federal prosecutor, the purchase was made with customer funds. However, SBF has denied any misappropriation of customer assets. The accounts were found in Silvergate Bank, under FTX Digital Markets, the Bahamian subsidiary of the exchange, with over $6 million.

Since his release on a $250 million bond, SBF has lost several professional ties as no firms or individuals want to be associated with him and his ongoing saga. He is still being held accountable for the billions that went down with the exchange, with the federal prosecutors still seizing his assets.

The FTX collapse has had far-reaching consequences, not just for Sam Bankman-Fried, but for the entire crypto industry. It has brought to light the need for more stringent regulations and oversight to ensure that such a catastrophe does not happen again.

Binance Pay Partners with DT One to Enable Mobile Top-Ups with Crypto

• Binance Pay has partnered with DT one to provide a mobile top-up service using over 50 cryptocurrencies.
• The service allows customers to top up their mobile accounts with telecom providers such as AT&T, Saudi Telecom, Globe, AIS, and more.
• Binance Pay has also partnered with Splyt, Bolt, Entertix, Trust Wallet, and ANC Drugstore to increase the acceptability rate of their crypto payment systems.

Binance Pay, a leading cryptocurrency payment service, has announced its partnership with DT one, a B2B micropayment platform, to facilitate cross-border transfers, data bundles, gift cards, mobile top-ups and game pins. This partnership will enable Binance customers to top up their mobile accounts using 50 different types of cryptocurrencies, including BTC, ETH, BUSD and BNB.

The new service will allow users to select from more than 600 global telecom providers in over 150 countries, such as AT&T, Saudi Telecom, Globe, AIS and more. Through this partnership, Binance Pay aims to increase the acceptability rate of crypto payment systems.

In addition to partnering with DT one, Binance Pay has also joined forces with Splyt, Bolt, Entertix, Trust Wallet and ANC Drugstore. In October, Binance CEO Changpeng Zhao (CZ) announced Binance Pay’s incorporation into Entertix, Romania’s largest ticketing platform. This integration was followed by the addition of the Binance Pay option to the Trust Wallet services in November. The inclusion of Binance Pay into the services of Trust Wallet ensures fee-free transactions between Binance accounts and Trust wallets. Lastly, Binance partnered with the Ukrainian branch of the exchange to offer ANC Drugstore’s customers a payment option using Binance Pay.

The recent partnerships of Binance Pay demonstrate the company’s commitment to providing a secure and reliable payment system using cryptocurrencies. The service is currently available in more than 150 countries and offers more than 600 telecom providers. With the added feature of mobile top-ups, Binance Pay is set to become a go-to payment system for crypto users around the world.

Paxos and MakerDAO Partner Up for $29M in Annual Revenue

• Paxos has proposed a partnership with MakerDAO that will increase the Paxos dollar (USDP) backing for the DAI stablecoin issued by the Maker protocol.
• The collaboration seeks to increase the volume of USDP in the PSM and generate marketing revenue for the DAO.
• If approved, MakerDAO will earn up to $29 million in annual revenue from the USDP in the PSM vault.

Paxos has recently announced a proposal to enter into a collaboration with MakerDAO, the leading decentralized finance (DeFi) protocol, in a bid to increase the Paxos dollar (USDP) backing for the DAI stablecoin issued by the Maker protocol. This partnership will benefit both MakerDAO and Paxos and is likely to have a positive effect on the crypto market as a whole.

The proposed collaboration seeks to increase the volume of USDP in the Peg Stability Module (PSM) and generate marketing revenue for the MakerDAO Decentralized Autonomous Organization (DAO). The PSM is a mechanism by which MakerDAO is able to mint DAI in exchange for collateral submitted by users. The PSM also ensures that DAI maintains its peg to the US dollar such that 1 DAI is equal to $1. Paxos has called for an increase to the USDP debt ceiling to 1.5 billion USDP ($1.5 billion) as part of the partnership. This is intended to reduce the DAI’s exposure to the USDC stablecoin issued by Circle, which currently accounts for 30% of the collateral backing the DAI and for 40% of all new DAI tokens minted on the Maker protocol.

If the partnership is approved, MakerDAO will be able to earn up to $29 million in annual revenue from the USDP in the PSM vault. The proposal has been submitted to the MakerDAO governance forum and is currently being discussed by the MakerDAO community. The proposal seeks to explore the pros and cons of the partnership and determine if it is beneficial for MakerDAO to move forward with the collaboration.

The collaboration between MakerDAO and Paxos is an exciting step forward for the DeFi space. It is a testament to the power of collaboration and the potential for two projects to form a mutually beneficial partnership in order to benefit the entire crypto ecosystem. If the partnership is approved, it could lead to more stablecoins being backed by USDP, which could provide more stability to the crypto market.

Exploring the Profitability of Bitcoin Mining Hardware

Profitability of bitcoin mining hardware is a crucial idea for anybody wishing to enter the cryptocurrency mining market. It serves as a gauge of how much money a Bitcoin miner can generate from the equipment they employ. The difficulty of mining, the network hashrate, the price of Bitcoin, the cost of hardware, the cost of power, difficulty modifications, block rewards, and network congestion must all be considered when evaluating the profitability of mining gear.

Profitability-Affecting Factors

The profitability of Bitcoin mining equipment may be impacted by a number of variables. We at Quantum Code provide traders with a platform where they can easily trade Bitcoin and other cryptocurrencies, enabling them to maximize their investments.

Hardness of Mining

The measure of the difficulty of mining is the difficulty of mining a Bitcoin block. The harder it is to mine a block and the less valuable it is, the higher the difficulty.

A network’s hash rate

The total hashrate of all miners in the network at any given time is known as the network hashrate. The more difficult and less economical it is to mine a block, the greater the network hashrate.

The cost of Bitcoin

The profitability of mining equipment is greatly influenced by the price of Bitcoin. Bitcoin miners stand to gain financially both when the price of Bitcoin rises and when it falls.

Prices for Hardware

The price of the equipment plays a significant role in deciding how profitable mining gear is. Bitcoin mining is less lucrative the more expensive the equipment gets.

Electricity price

Another crucial element in influencing the profitability of mining equipment is the price of power. Bitcoin mining is less profitable the more expensive power gets.

Difficulty Modifications

The difficulty of mining is frequently adjusted through difficulty tweaks. The harder it is to mine a block and the less valuable it is, the higher the difficulty.

Block Bonus

The amount of Bitcoin miners earn when they successfully mine a block is known as the block reward. Bitcoin mining is more profitable the larger the block reward.

Network Overload

The level of network congestion reflects how active it is at any particular moment. Block mining becomes more challenging and less economical the more network congestion there is.

Bitcoin mining equipment types

Hardware for mining bitcoins can be found in a variety of forms, including ASICs, GPUs, FPGAs, and CPUs.

ASICs are customized chips made exclusively for mining bitcoin. Application-specific integrated circuits (ASICs) are these chips. They are the most expensive but also the most effective sort of mining hardware.

Bitcoin may be mined using graphics processing units (GPUs), which are specialized processors intended for graphics processing. Although less expensive than ASICs, they are less effective and powerful.

FPGAs are specialized processors made for mining Bitcoin. FPGAs stands for field-programmable gate arrays. Although less expensive than ASICs, they are less effective and powerful.

The most fundamental sort of mining gear is a central processing unit (CPU). Although they are the most economical, they are not as effective or powerful as other kinds of mining technology.

Advantages of bitcoin mining equipment

Faster block times, cheaper costs, and improved security are all advantages of Bitcoin mining equipment. More bitcoins are created more rapidly with faster block times, which lowers the mining cost. As more miners join the network due to lower prices, network security rises. Additionally, the danger of hostile actors taking over the network is decreased by the usage of specialist hardware.

Conclusion

Profitability of bitcoin mining hardware is a crucial idea for anybody wishing to enter the cryptocurrency mining market. It serves as a gauge of how much money a Bitcoin miner can generate from the equipment they employ. The difficulty of mining, the network hashrate, the price of Bitcoin, the cost of hardware, the cost of power, difficulty modifications, block rewards, and network congestion must all be considered when evaluating the profitability of mining gear. Miners can optimize their earnings and make sure they are getting a fair return on their investment with the correct gear and careful consideration of these aspects.