Industry Report: $150 Million in Cryptocurrency Is Destroyed
Reddit users get a glimpse into the lives of dark net vendors, Ethereum nodes come crashing down, and Synereo destroys nearly $150 million in cryptocurrency. Want to catch up on your latest tech and digital currency news? Read the stories below. DARK NET VENDORS. A Reddit user posting questions about the daily lives of dark net vendors has gotten some interesting answers. One commenter, nicknamed “Vendurr” claims to make anywhere from $200-300K per year. He typically gets up whenever he desires, logs on, and checks the orders for the day. Another vendor states he makes $150K a year, and....
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After miners allegedly siphoned off nearly $2 million worth of electricity to fuel the energy-intensive bitcoin mining rigs, Malaysian police seized and destroyed 1,069 bitcoin mining rigs by crushing them with a steamroller. Bitcoin Mining Rigs Destroyed Authorities in Malaysia destroyed Bitcoin mining equipment worth more than $1.2 million after seizing them for operating illegally. […]
It’s unclear why authorities outright destroyed the miners rather than attempting to reap some value, but they could still be sold for scrap. Authorities in Malaysia destroyed more than $1.2 million worth of Bitcoin mining rigs after they were confiscated for operating illegally.In a video posted today from local news outlet DayakDaily, police in the city of Miri on the island of Borneo and the Sarawak Energy company arranged for a steamroller to run over 1,069 Bitcoin (BTC) miners. The rigs were reportedly confiscated from residents of Malaysia attempting to illegally mine the....
According to current metrics, the Ethereum blockchain has burned 2.35 million ether since the implementation of Ethereum Improvement Proposal (EIP) 1559. The $8.10 billion in value was burned over the course of nine months and during the last seven days, 18,110 ether worth $34.9 million was destroyed. 2.35 Million Ethereum Burned — Ethereum Dev Says The Merge Could Happen in August Approximately 288 days ago, Ethereum developers implemented EIP 1559, a ruleset upgrade that basically changed the algorithm tied to the base fee per gas in the protocol and the network now burns the base....
Synereo, the startup behind its namesake decentralized blockchain-based social network has burnt half its holdings of pre-mined AMPs, its native token cryptocurrency. Half of all existing AMPs have been destroyed by Tel-Aviv based blockchain startup Synereo in a move to relinquish its control of over half of the blockchain’s native currency. An aggregated amount of 731,108,937 AMPs were destroyed on Saturday, September 17th. They were held in several cryptographic wallets controlled by Synereo. A majority of those destroyed – nearly 400 million AMPs – belonged to the the company’s Future....
Binance has destroyed $400 million worth of BNB in its 16th quarterly token burn event, but the markets don’t seem to care. Major cryptocurrency exchange Binance has completed its 16th quarterly Binance Coin (BNB) burn, destroying over $390 million worth of BNB.On July 18, Binance reported that it had destroyed 1,296,728 BNB tokens valued at just under $400 million at the time.The exchange noted an additional 5,163 BNB that were destroyed through its Pioneer Burn Program — an incentive that aims to help users who have lost tokens through honestly mistaken transactions to smart....