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The Senate has approved President Trump’s selection of Jerome Powell to be the next chairman of the Federal Reserve beginning next month. Senators voted 85-12 to confirm Powell to lead the nation’s central bank, a post that’s considered the most powerful economic position in government, per the AP . Powell will…
A student opened fire Tuesday at Marshall County High School in Benton, Ky., killing two fellow students and injuring 18 others, officials said, in a shooting that caused panic and anguish in the school and across the community.
A strange court controversy out of Texas, where a judge interrupted jurors deciding a defendant’s fate in a sex-trafficking case and urged them not to convict. Twice. Later, state district judge Jack Robison explained that God told him to do so, reports the Austin American-Statesman . And the kicker: The jury…
Running a major cryptocurrency exchange can be a logistical nightmare, but the rewards make it all worthwhile. In information released to shareholders this week, Coinbase revealed that it recorded turnover of $ 1 billion last year, which works out at an astonishing $ 2.74 million a day or $ 2,000 a minute.
Coinbase Coins It In
As America’s largest bitcoin broker, Coinbase claims the lion’s share of the money that’s pouring into the crypto space at a dizzying rate. 2017 was a bumper year for all crypto exchanges, which reported record numbers across the board: new signups, new staff hired, new trading pairs, and new revenue. Those revenue streams have turned into a torrent that has caused Coinbase’ coffers to swell.
Recode reports that the company’s revenue exceeded $ 1 billion last year, most of it derived from the trading fees it levies. These vary from between 0.25% and 1%. and quickly add up: in the past 24 hours, 36,000 BTC were traded on Coinbase, accounting for more than 15% of the total market. Coinbase isn’t the world’s largest exchange (and is technically a broker rather than a conventional exchange – that duty falls to its GDAX subsidiary) but it’s the best known and carries great weight in the cryptocurrency industry.
Coinbase Shares Are Hot Property
It’s not just cryptocurrency that’s in demand from Coinbase: investors are also seeking shares in the company itself. A number of existing investors report having fielded enquiries from buyers interested in snapping up their shares. There’s just one problem: Coinbase is doing everything in its power to prevent that from happening.
“As a private company, Coinbase does not allow trading of stock on secondary markets for a variety of reasons, including the fact that there is not full and equal information available to the market,” read a company statement. “We will take appropriate action if we find people have sold Coinbase shares in violation of our agreements not to do so.”
The company is widely expected to launch an IPO at some stage. Traditionally, these public offerings are prefaced by a VC round for accredited investors. But having raised $ 100 million last year, and then seen record turnover of $ 2.74 million a day, Coinbase isn’t exactly strapped for cash. As a result, investors are scrambling to engage in secondary trades in a bid to claim a piece of the pie while they still can. With over 13 million customers bringing in more than a billion dollars a year, Coinbase would appear to have no need for private equity, no matter how eager investors are to part with it.
Would you invest in a Coinbase IPO? Let us know in the comments section below.
Images courtesy of Shutterstock, Bitcoinity.org, and Coinbase.
Tired of those other forums on the subject of Bitcoin? Check forum.Bitcoin.com.
James Franco’s still getting by with a little help from his friends after Hollywood snubbed him for an Oscar nomination. Franco did lunch with Jeff Garlin Tuesday at Joan’s on Third. Based on their bro hug as they left, we’d say the “Curb Your…
The U.S. National Transportation Safety Board will investigate an accident involving a Tesla Inc. Model S sedan that rear-ended a firetruck on a Southern California freeway Monday, the agency said.
The agency will send two investigators to conduct a field inquiry of the crash that occurred near…
The European Union cut the number of countries on its list of noncooperative states on tax matters nearly in half, in a move critics say will hurt its credibility in fighting tax evasion.
WSJ.com: What’s News Europe
Author Ursula K. Le Guin, known best for her “Earthsea” series of fantasy novels, has died at age 88. Le Guin died Monday, her agent confirmed to NPR . Le Guin “brought literary depth and a tough-minded feminist sensibility to science fiction and fantasy ,” the New York Times wrote in its…
Millennials might not be in the dire financial straits that many assume. A new Bank of America survey shared with USA Today finds that a decent number (16%) already have a solid nest egg of six figures, and most are following a savings plan. Five key findings from the survey…
Major internet technology manufacturer and recent entrant into virtual currency mining hardware industry, GMO Internet Inc, has announced it has successfully developed a 12 nanometer (NM) Fin FET Compact (FFC) semiconductor chip for its next-generation of cryptocurrency miners. The company has described the innovation as a significant step “towards realizing a […] 7 NM process technology for mining chips.”
GMO Develops 12 Nanometer SHA256 Mining Chips
GMO Internet Inc. has announced the successful development of “a new 12 NM FCC process based mining chip” during “the first step of […] research and development.”
The company has hailed the development of its 12 NM FFC mining chip as a significant step toward “realizing their next-generation […] high-performance computer for mining.” GMO emphasized that the development of the 12 NM chip as has occurred “prior to the development of a 7 NM process technology” – stating that such comprises a “cutting-edge” innovation in “ASIC mining hardware.”
GMO stated that it “will now proceed to the next of the development to realize a 7 NM process technology for chips to be used in the mining,” adding that it “will not sell mining boards equipped with 12 NM FFC process based mining chips.”
GMO Internet Reinforces Prominence Within Mining Hardware Industry
GMO Internet Inc, a Tokyo-headquartered entity comprising more than 60 individual companies domiciled in 10 different countries, first announced its entry in the cryptocurrency mining industry during September of last year.
The company expressed its desire to support the mining infrastructure of virtual currencies, describing the cryptocurrency sphere as comprising the “new universal currencies.” The company presently operates a mining center powered by renewable energy located in Northern Europe, and is seeking to develop and introduce “the next-generation of mining boards equipped with 12 NM chips in the first half of 2018.”
The announcement regarding the development of GMO’s 12 NM chips came on the same day that the company revealed that it has begun “offering [the] official version of [the] ‘Z.com Cloud Blockchain’.” The company describes the new chain as a “PaaS type blockchain platform” that allows users to “build distributed applications” on the blockchain “using Ethereum.” The project had previously been in beta since 2016.
What is your response to GMO’s development of a 12 NM mining chip? Share your thoughts in the comments section below!
Images courtesy of Shutterstock, GMO Internet Inc.
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