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Latest Crypto News: Australia Releases CBDC Whitepaper, 14 Million ETH Staked For 1,700 ETH A Day Reward

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Latest Crypto News: Australia Releases CBDC Whitepaper, 14 Million ETH Staked For 1,700 ETH A Day Reward

Following are some of the developments in the crypto space over the past few days

Latest Crypto News: Australia Releases CBDC Whitepaper, 14 Million ETH Staked For 1,700 ETH A Day Reward
Latest Crypto News: Australia Releases CBDC Whitepaper, 14 Million ETH Staked For 1,700 ETH A Day Reward

Over the past two days, there has been a lot of development in the global crypto arena, including the publishing of the Australian central bank digital currency (CBDC) whitepaper.

A total of 1,700 ETH tokens are released every day by staking 14 million ETH tokens.

The US Commodity Futures Trading Commission (CFTC) filed and settled a charge against a Blockchain protocol, and DAO, and other news.

FTX To Buy Bankrupt Cryptolender Voyager

FTX, a cryptocurrency trading firm  won the bid to acquire Voyager Digital, a cryptocurrency investment company which had filed for Chapter 11 bankruptcy in July.

“Voyager received multiple bids contemplating sale and reorganization alternatives, held an auction, and, based on the auction’s results, has determined that the sale transaction with FTX is the best alternative for Voyager stakeholders,” read the announcement.

According to the release, Voyager has accepted FTX's's $1.4 billion buyout deal, defeating Binance and Wave Financial in the bid to buy the bankrupt corporation.

Fossil Fuels Accounts For 62% Bitcoin Mining

The Cambridge Centre for Alternative Finance (CCAF) announced a significant upgrade to their Bitcoin mining-specific data source, the Cambridge Bitcoin Electricity Consumption Index, on Tuesday (CBECI).

According to the latest study, coal accounted for approximately 37% of Bitcoin's total electricity use as of early 2022, making it the greatest single energy source for BTC mining. Hydropower was discovered to be the greatest resource among sustainable energy sources, accounting for around 15% of the total.

According to Cambridge University's research, fossil fuels like as coal and natural gas accounted for about two-thirds of Bitcoin's total electricity mix as of January 2022, responsible for more than 62%. As a result, renewable energies accounted for 38% of the BTC energy mix.

Australian Releases CBDC Whitepaper

The Reserve Bank of Australia (RBA) in a release on September 26, has stated that they are collaborating with the Digital Finance Cooperative Research Centre (DFCRC) on a research project about exploring the potential use cases for a central bank digital currency (CBDC) in Australia. The RBA has also released a whitepaper regarding the same and explained the objective behind such a project in detail. 

The RBA is also seeking inputs from interested industry participants for potential use cases of CBDC, and how it can benefit the Australian economy and financial systems, too.

CFTC Files, Settles Case Against Blockchain, DAO

The CFTC had filed and settled charges against Blockchain protocol bZeroX (BZx) founders Tom Bean and Kyle Kistner. 

The charges against them were that they were offering illegal, off-exchange tokenised margin trading and lending services, and they operated as an unregistered futures commission merchant (FCM), which was illegal since they also failed to meet the Bank Secrecy Act requirements regarding gathering of customer information.

The CFTC also filed a federal civil enforcement action against Ooki DAO, which was also operating on the same lines as bZeroX, and had also violated the same laws as bZeroX, reported Coindesk.

Ethereum Circulation Increases

According to a Cryptopotato.com report, the current staking rewards rate is about 1,700 ETH every day. About 14 million ETH tokens are currently staked and 1,700 ETH is released every day to eligible stakers.

The supply of ETH tokens in market circulation has increased by over 5,990 tokens ever since the ‘Merge’, according to a blockchain activity tracking website, ultrasound.money.

However, this supply of ETH tokens is far lower than the 112,000 ETH tokens supply had ETH not been merged and still continued to be minted by proof-of-work consensus mechanism.

Graphics Card Prices Hit All-Time Low In China After Ethereum Merge

According to a South China Morning Post (SCMP), the switch of Ethereum’s consensus mechanism from proof-of-work to proof-of-stake on September 15, has caused a record fall in GPU prices in China.

“When the wave of Bitcoin mining was at its peak, people from the mining companies just walked in the stores with cash and took away all the graphics cards we had in store. Now, no one is buying new computers because of the coronavirus, not to mention those who want to instal a new graphics card,” said a trader named Peng, reported South China Morning Post.

coto Partners Up With Polygon (MATIC) Blockchain To Release 5000 NFTs

coto, a Web 3.0 based social community platform, built specifically to cater to women has partnered up with Polygon (MATIC) to create 5000 non-fungible tokens (NFTs), which is exclusively available only to its early community adopters. Coto said in a release that these 5000 NFTs will be divided into 6 genres like beauty, comedy, entertainment, fashion/ lifestyle, finance/ career, and health. 

Dacil Curbelos, an NFT artist who collaborated for this NFT project, said, “I am excited to be part of coto as an NFT artist.. I have always experimented with new artforms, and tools right from formats, techniques and genres. The character sketches in each cotoOG NFT are unique and a representation of a community creator’s commitment and expertise.

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