Crypto NFT Today: The Latest Blockchain, Cryptocurrency and NFT News: March 3 – 9
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Welcome to another edition of Crypto NFT Today! If you enjoy cryptocurrency, NFTs, and riding emotional, and sometimes sketchy, roller coasters, you’ve come to the right place. So put on some soothing music and let’s go!
Bitcoin miners have earned $50 billion in block rewards and fees since 2010
A new report from Glassnode reveals that Bitcoin miners have earned more than $50 billion from block rewards and transaction fees since 2010. The report also shows that the share of fees in total revenue has increased over time, peaking at 28% in April 2021.
The report attributes the increase in fees to the growing demand for Bitcoin transactions and the limited block space. It also notes that the upcoming halving events, which reduce block rewards by half every four years, will make fees more important to miners’ profitability.
The report concludes that Bitcoin mining is a highly competitive and dynamic industry, with miners constantly adapting to changing market conditions and technological innovations. It also suggests that Bitcoin’s security and decentralization depend on the incentives and behavior of miners.
Coinbase sued for breach of biometric privacy law
Coinbase, a leading cryptocurrency exchange, is facing a class action lawsuit for allegedly collecting and storing biometric data from its customers without their consent. The lawsuit alleges that Coinbase violated the Illinois Biometric Information Privacy Act (BIPA) by requiring users to upload copies of their government-issued IDs and selfies, and using fingerprint scanning technology to access their accounts.
“If Coinbase’s database containing facial geometry scans or other sensitive, proprietary biometric data is
hacked, breached or otherwise exposed,” the lawsuit states. “Coinbase users have no means to prevent identity theft.”
The lawsuit accuses Coinbase of failing to inform users of the purpose and duration of biometric data collection and storage, exposing them to serious privacy risks such as identity theft in the event of a data breach. The lawsuit seeks damages of up to $5,000 per violation, plus other relief. Coinbase has not yet commented on the lawsuit.
AI pioneer quits Google over ethical concerns
Geoffrey Hinton, a computer scientist widely regarded as the “Godfather of AI”, has resigned from his position at Google to warn of the potential dangers of artificial intelligence. Hinton, who worked on neural networks and machine learning for more than a decade at the tech giant, said AI posed “profound risks to society and humanity”. He cited the threats of AI taking over jobs, creating fake content and developing deadly weapons.
Hinton also expressed some regret over his life’s work, saying “If I hadn’t done it, someone else would have.” He notified Google of his resignation last month, according to The New York Times. Google thanked him for his contribution and said it was committed to a responsible approach to AI. Hinton is not the only one who has raised concerns about AI. In March, more than 2,600 technology experts and researchers signed an open letter calling for a temporary halt to AI development to ensure safety.
The Biden administration is proposing a 30% tax on energy use for crypto mining
The White House has announced a plan to tax cryptocurrency mining for the environmental and social costs it imposes. The Digital Asset Mining Energy (DAME) tax would impose a 30% tax on the electricity used by crypto miners, which the administration claims does not generate local and national economic benefits.
The tax could raise up to $3.5 billion in revenue over the next 10 years, according to the White House
Council of Economic Advisers (CEA). The proposal is part of the president’s budget for fiscal year 2024, but it faces opposition from Republicans and some industry groups who argue that it unfairly targets a specific sector and discourages innovation.
Crypto mining uses huge amounts of energy to verify transactions and create new coins on decentralized networks like Bitcoin and Ethereum. The CEA says that crypto mining has negative effects on the environment, such as greenhouse gas emissions, local pollution and higher energy prices for consumers. It also says that cryptomining is volatile and could cause service interruptions and risks to power companies.
The administration’s proposal follows a global crackdown on cryptomining from countries such as China, which banned the activity last year. The US has become a leader in crypto mining since then, with some states offering incentives and cheap electricity to attract miners. However, other states have also imposed restrictions or moratoriums on crypto mining due to environmental concerns.
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