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Major crash for BTC and ETH mining revenues this year

Bitcoin and Ethereum miners saw a sharp drop in revenue during the month of May as prices of both cryptocurrencies fell to new lows. 

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Bitcoin and Ethereum miners saw a sharp drop in revenue during the month of May as prices of both cryptocurrencies fell to new lows. 

May proved to be one of the worst months for Bitcoin miners in this year. BTC miners were able to generate approximately $906.19 million in revenue during May. Bitcoin miners’ revenue for May was down $253.81 million from April value of around $1.16 billion. 

The total profitability of Bitcoin over the past year was down by 37% since May 2021, which saw $1.45 billion in revenue recorded.  The single-day high for May 2022 was 11% below the best day high in April. The single-day high for April was $46.01 million, according to data.

Despite the market crash of May 2022, Bitcoin remains the largest cryptocurrency by market capitalization. With that said, miners continued to benefit more from Ethereum than Bitcoin. Sinking cryptocurrency prices caused by the market crash of May can be credited as the primary cause for declining mining revenues. 

Ethereum mining revenue decreased from April 2022 because of trading in the range of $2,000 to $3,000 in the first 11 days of May. The last 20 days saw ETH trading more in the range of $1,700 to $2,000.In April 2022, Ethereum traded in the range of $3,000 to $4,000 per coin for the majority of days.

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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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