Bitcoin Mining Revenue Hits $107M On Day Of Halving, Thailand Takes Action Against Unlicensed Crypto Exchanges

Here are some of the major developments from the world of crypto over the past few days
some of the major developments in the world of crypto
some of the major developments in the world of crypto

Investors wanting to be a part of Bitcoin’s history spent 37.7 BTC (worth $2.4 million) in fees alone to nab their share of limited space on the Bitcoin block, which triggered the fourth halving event, reducing them to 3.125 BTC for every block mined, until the next halving reduces them even further. The block included 3,050 transactions, meaning the average user paid a little under $800.

The record-breaking fees were attributed to the race to inscribe and etch rare satoshis on the halving block. Much of the activity stemmed from a frenzy of activity on Bitcoin Ordinals creator Casey Rodarmor’s new Runes Protocol, which went live at the same time as the halving.

The previous all-time high revenue for Bitcoin miners was $78.7 million on March 11, 2024, when the Bitcoin price broke a new high of $71,415. However, the jump in revenue was directly correlated with Bitcoin’s market price, as miners typically get rewarded in BTC in exchange for confirming transactions over the Blockchain.

Thailand Takes Action Against Unlicensed Crypto Exchanges

Thailand is blocking unlicensed cryptocurrency exchanges to combat online crimes. The Thailand Securities and Exchange Commission (SEC) plans to submit a list of these exchanges to the Ministry of Digital Economy and Society. This decision follows similar actions taken by India and the Philippines, which recently blocked offshore exchanges that did not comply with local regulations.

To ensure their investments are secure, the SEC is urging investors to verify the license registrations of platforms using the SEC verify application. For instance, a search for “Binance” reveals that the exchange has not yet registered and will need to shut down when the ban is enforced.

In Europe, regulatory pressure may also lead to a ban on non-decentralised protocols. The Markets in Crypto-Assets (MiCA) framework, which regulates digital assets in the region, requires the European Commission to prepare a report by December 30, 2024 on the decentralised finance (DeFi) market and the feasibility of specific regulations. Some DeFi services, like decentralised exchanges, may be subject to licensing requirements under these rules, according to MakerDAO co-founder Rune Christensen and other crypto industry visionaries.

ZKasino Users Upset As $33M Promised Refunds Redirected To Lido

ZKasino, a Blockchain-based wagering network, has caused uproar among its clients by diverting $33 million of bridged Ethereum (ETH) to the staking protocol Lido, contrary to its initial promise to refund the deposits.

This move, revealed through on-chain data, shocked over 10,000 clients who had expected to receive their ETH back after participating in the network’s acceleration.

Instead, ZKasino announced an advanced plan to convert all bridged ETH to its native ZKasino (ZKAS) tokens at a reduced rate of $0.055, distributed over a 15-month vesting schedule.

The project’s decision has been met with criticism and accusations from the crypto community. An entity known as “cygaar” claimed that ZKasino’s Blockchain release was a basic Arbitrum Nitro chain, deployed in just two minutes, contradicting its claims of using advanced zero-knowledge technology. Some users even resorted to sharing personal information and calling for legal action against ZKasino’s creator, known as “Derivatives Monke” on X (formerly Twitter).

Despite the controversial release, ZKasino, its creator, and its parent company, Crisscross Labs, have not issued any public response. The project remains relatively quiet on X, with the only updates being minor posts unrelated to the controversy. Derivatives Monke, however, has responded to criticism and continues to promote the project’s development efforts on X, pledging to keep building, reports Cointelegraph.

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