Author: coindesk-wp-admin
The United States Internal Revenue Service (IRS) has recently released a draft of Form 1099-DA for reporting income derived from digital asset transactions. Titled “Digital Asset Proceeds from Broker Transactions,” the form is expected to be implemented in 2025 for reporting purposes in 2026. Under the new regulations, brokers, including kiosk operators, digital asset payment processors, hosted wallet providers, and unhosted wallet providers, will be responsible for preparing Form 1099-DA for customers engaged in selling or exchanging digital assets. Copies of the form will be sent to both customers and the IRS, enabling the tax authority to verify reported information. Draft Form Requires Inclusion…
Kathryn Haun, a former Assistant U.S. Attorney and partner at Andreesen-Horowitz, has announced plans to step down from Coinbase’s board. Haun has been a board member of Coinbase for the past seven years and has played a crucial role in the company’s growth and success. In a post on X, Haun expressed her confidence in Coinbase’s future prospects, stating that the company is well-positioned to continue thriving in the evolving crypto landscape. However, she also acknowledged the remarkable expansion of the cryptocurrency industry and revealed her intention to focus more on venture investing through her company, Haun Ventures. “Haun Ventures is similarly expanding, and this…
In a remote region of Kenya, a group of Bitcoin miners has found an innovative way to power their operations and bring electricity to rural homes. Located near Hell’s Gate National Park, the miners have set up shop at the site of an extinct volcano, where they utilize a mobile container equipped with solar power and energy from a nearby geothermal site. This unique setup allows them to mine Bitcoin while simultaneously electrifying local communities. The venture is led by a startup called Gridless, backed by Jack Dorsey’s Block. Gridless Operates Six Mines Gridless operates six mines across Kenya, Malawi, and Zambia, all powered…
ZKasino, a blockchain-based gambling project, has found itself at the center of a heated controversy after it abruptly shifted $33 million worth of investor and user funds to the staking protocol Lido. The move deviated from the project’s initial plan to return the funds to its users. In a blog post on April 20, ZKasino announced the launch of its network. Over 10,000 users had bridged a total of 10,515 Ether (ETH) to the network, hoping to acquire the ZKasino (ZKAS) token. However, instead of returning the ETH as promised, ZKasino stated that it had made changes to its original plan. …
Bitcoin transaction fees experienced a significant drop just one day after reaching an all-time high average of $128 on April 20, coinciding with the fourth Bitcoin halving. As of April 21, the average fees for medium-priority transactions on the Bitcoin network fell to a range of $8-10, according to data from mempool.space. The preceding day had witnessed a remarkable surge in total fees, with Bitcoin recording $78.3 million in fees, surpassing Ethereum by over 24 times, as reported by Crypto Fees. Bitcoin Halving Block Includes Record Fee Paid to Miners Notably, the Bitcoin halving block at block height 840,000 included a…
BlackRock’s spot Bitcoin exchange-traded funds (ETF) iShares Bitcoin Trust trading under the ticker “IBIT” has seen inflows 69 days straight, said Bloomberg Intelligence ETF analyst Eric Balchunas in a social media post. The fourth Bitcoin halving took place late on Friday at block height 840,000. This marked a pivotal change in the cryptocurrency’s supply dynamics. The halving event occurs approximately every four years and has reduced the mining reward from 6.25 to 3.125 bitcoins. The Bitcoin halving has in turn triggered a supply squeeze. Reductions are part of a predefined strategy to limit the total supply of Bitcoin to 21…
The Chinese Embassy in Angola has reminded its nationals on Angola’s recent prohibition of all crypto mining activities. The authority issued firm warning, emphasizing severe penalties to those who violate the law. The Angolan parliament passed a bill early this year on the “Prohibition of Cryptocurrency and Other Virtual Asset Mining,” which became effective on April 10. Under this law, any form of crypto mining is termed as a ‘criminal’ offence. As for the legal consequences, possession of information or any crypto mining-related equipment will lead to 1-5 years in jail. Additionally, the Chinese Embassy note, read that the government would confiscate the…
A group of Bitcoin enthusiasts based in Switzerland is making a renewed effort to convince the Swiss National Bank (SNB) to include Bitcoin in its reserves. Their plan involves launching a petition to initiate a referendum that would seek to amend the country’s constitution, which will require gathering over 100,000 signatures from Swiss citizens. Yves Bennaïm, the founder and chairman of 2B4CH, a non-profit think tank leading the campaign, believes that adding Bitcoin to the SNB’s reserves would safeguard Switzerland’s “sovereignty and neutrality” in an increasingly uncertain global landscape, he told to the Swiss news outlet Neue Zürcher Zeitung (NZZ). 2B4CH Finalizing Preparations…
A recent study by a team of researchers from Europe and Asia explored the possibility of predicting positive outcomes in crypto market trading using emoji sentiment on social media. The researchers discovered a correlation between emojis associated with positive sentiment and subsequent positive market movements, suggesting that optimistic social media discourse can act as a barometer for market sentiment. In a recent research, the team said they turned to X to analyze social media posts related to cryptocurrencies and featuring emojis. They utilized GPT-4, the underlying artificial intelligence system powering ChatGPT, to parse large datasets of cryptocurrency posts and determine sentiment…
Airdrops have become a popular way for those involved in digital currencies to receive extra tokens, essentially free money, just for being part of a cryptocurrency community. They work by distributing new tokens directly into the wallets of active participants as a reward or promotional boost, without any cost to the recipients. Let’s dive into the top five airdrops happening right now that you won’t want to miss. 5 – Marinade Marinade is a liquid staking protocol on Solana. Liquid staking is a service where users can lock up tokens and take advantage of already-staked tokens to participate in…