Memecoin sends BTC fees to the moon, miner profits top $50 billion…

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Top Stories This Week Memecoin Hype Pushes Bitcoin Transaction Fees To Multi-Year Highs

The continued trading frenzy of memecoins like Pepe has triggered an unwanted consequence for Bitcoin (BTC) pushing its transaction costs to their highest level in two years. On May 3, the total amount of fees paid on the Bitcoin blockchain reached $3.5 million, jumping about 400% from the end of April. Bitcoins BRC-20 token standard has become the latest trend in the crypto ecosystem amid the rise of memecoins. A total of 8,500 different tokens were minted using the BRC-20 standard. Gas fees on the Ethereum blockchain have also recently skyrocketed to new multi-month highs.

Bitcoin miners have earned $50 billion from BTC block rewards and fees since 2010

Amid an ongoing debate over miner costs and sensitivity to bitcoin price declines, new numbers suggest miners are firmly in the dark for the long haul. Calculations by on-chain analytics firm Glassnode suggest that since 2010, fees and block subsidies have brought billions to miners. The miners’ all-time total revenue is nearly 40% higher than their estimated costs, amounting to $50.2 billion versus $36.6 billion, respectively.

The godfather of AI quits Google and warns of the dangers of AI

Artificial intelligence pioneer and former Google employee Dr. Geoffrey Hinton has raised concerns about the technology he has helped develop over the past few years. According to the neural network expert, AI could pose a threat to humanity in the future as it learns unexpected behaviors from the massive amounts of data it analyzes. He is also concerned about the continuing AI arms race to develop lethal autonomous weapons systems, as well as the growing number of fake photos, videos and texts flooding the internet.

Balaji pays off his crazy $1 million Bitcoin bet, 97% below price target

A wild Bitcoin price bet between former Coinbase CTO Balaji Srinivasan and pseudonymous Twitter user James Medlock was settled 45 days in advance for $1.5 million. Medlock offered to bet anyone $1 million that the United States would not experience hyperinflation on March 17. The ex-Coinbase executive took the bet, predicting that the US dollar would deflate due to inflation and as a result, BTC would hit $1 million within 90 days. As part of the deal, Medlock brought in $500,000, while another million dollars went to two organizations.

Microsoft Eliminates Bing’s Waitlist, Giving Users Free Access to GPT-4

Microsoft recently announced a number of new AI-powered features for its Bing chatbot and Edge web browser, including full access to the GPT-4 model, the same underlying engine that powers the ChatGPT subscription service. More. The new features won’t require any purchase or subscription, although users will need a free Microsoft account to take advantage of the full suite of Bing chatbots features. In contrast, OpenAIs ChatGPT Plus service costs $20 per month to access the same GPT-4 model.

Winners and losers

At the end of the week, Bitcoin (BTC) is at $29,618, Ether (ETH) at $1,991, and XRP at $0.46. The total market cap is $1.22 trillion, according to CoinMarketCap.

Among the 100 largest cryptocurrencies, the top three altcoin gainers of the week are Pepe (PEPE) at 961.32%, FLOKI (FLOKI) at 35.36% and Rocket Pool (RPL) at 10.15% .

The top three altcoin losers for the week are Sui (SUI) at -70.87%, Immutable (IMX) at -10.68%, and Cronos (CRO) at -10.06%.

For more information on crypto prices, be sure to read Cointelegraphs market analysis.

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Most Memorable Quotes

Even in the United States where it [CDBC] was for a while a topic of little interest, now there is engagement, and for good reason. The future has arrived.

Kristalina Georgieva, Managing Director of the International Monetary Fund

I’ve spent my own money to send a very expensive signal that there’s something wrong with the economy and it won’t be a soft landing like Powell promises, but something much worse .

Balaji Srinivasan, former Chief Technology Officer at Coinbase

There will be very few people over the next 10 years who are not involved in this [crypto] sector.

Lisa Cameron, Member of Parliament of the United Kingdom

It is this uncertainty that pervades everything. You just don’t know what’s next or where it’s coming from or why or how in the United States

Oliver Linch, CEO of Bittrex Global

I console myself with the normal excuse: If I hadn’t [co-developed modern artificial intelligence]someone else would have done it.

Geoffrey Hinton, pioneer of artificial intelligence known as the godfather of AI

Well, I think we have both, and I think it’s kind of naive to say that [banking crisis] is just limited to the First Republic.

Bob Michele, chief investment officer of JP Morgan Asset Management

Prediction of the Week Bitcoin price sets new May high above $29.5,000 as traders eye breakout

Bitcoin looked to recoup lost ground on May 5 as $30,000 remained in play. $29,000 support returned.

Popular pseudonymous trader Alan, also known as Trader Tardigrade, was optimistic that the upside would continue, which could mimic his breakout from late 2020. #Bitcoin has entered the storage phase of power, he told Twitter followers alongside a comparison chart, adding that the timing was preparation for an incoming Bull Run.

FUD of the Week Argentinian Central Bank Shuts Down Cryptocurrencies From Payment Apps

Argentina’s central bank has banned payment providers from offering crypto transactions, alleging that it intends to reduce the country’s payment system’s exposure to digital assets. Cryptocurrencies are unregulated in Argentina, meaning all coins and tokens are subject to the ruling. Argentina’s fintech chamber has urged the government to reconsider its decision.

FBI and Ukraine seize 9 exchange domains over money laundering allegations

Nine digital currency exchanges allegedly aiding and abetting cybercriminals have had their domains seized by the US Federal Bureau of Investigation and Ukrainian law enforcement. Domains seized included 24xbtc.com, 100btc.pro, pridechange.com, trust-exchange.org and bitcoin24.exchange. Each website reportedly offered anonymous crypto exchange services, circumventing many of the rules and regulations required of a licensed business.

Darknet hackers are selling crypto accounts for as low as $30 per pop

Cybercriminals from dark parts of the internet are reportedly selling hacked and verified crypto accounts on the darknet for just $30 each. Hacked accounts can be used to illegally evade Know Your Customer measures on popular cryptocurrency exchanges. But cryptocurrency accounts aren’t the only items on the list—account information for credit cards with balances of up to $5,000 is being sold for just $110, while login credentials for online bank accounts with balances up to $2,000 are sold for $60.

Best Cointelegraph Features How to Control AIs and Incentivize Humans with Crypto?

Some experts believe that AI should be controlled by decentralized networks. Others say the tokens can be used to trick humans into preparing datasets.

Joe Lubin: The Truth About ETH Founders’ Split and Crypto Google

Ethereum co-founder talks ancient history, where next for MetaMask and Infura, and what the future holds for the #2 cryptocurrency.

Your guide to the exhilarating and terrifying world of runaway AI development.

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Editorial team

Cointelegraph Magazine writers and reporters contributed to this article.

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