Kategorie: Crypto News

Core Scientific shares climbed more than 17% on Tuesday as the bitcoin mining company announced new developments around its deal with artificial intelligence provider CoreWeave.

According to a press release on Aug. 6, CoreWeave has agreed to add to its hosting deal with the Bitcoin miner, with additional infrastructure set to see Core Scientific deliver another 112 megawatts for Coreeave’s Nvidia graphic processing units.

Core Scientific and CoreWeave deal

The new adjustments to the deal will roll in before the end of 2024, with operations expected to go live in early 2026. Core Scientific’s multi-year deal with CoreWeave will add roughly $2 billion in new hosting revenue, with the 12-year contract projected bring in over $6.7 billion in cumulative revenue after the initial contract’s expected total of $4.7 billion

Today, Core Scientific announced exercise of additional contract option by @CoreWeave for delivery of ~112 MW of additional infrastructure to host high-performance computing operations.

-Expands total contracted #HPC infrastructure by CoreWeave to 382 MW at 5 $CORZ sites… pic.twitter.com/Z2Fz9dNAC8

— Core Scientific (@Core_Scientific) August 6, 2024

“We have now contracted with CoreWeave for a total of 382 megawatts of HPC infrastructure, reflecting the strong demand for high-power data center infrastructure and the unique ability of our team to deliver it,” Core Scientific CEO Adam Sullivan said.

“CoreWeave has one remaining option for 118 megawatts of our infrastructure and we are actively building our pipeline of potential new sites to expand our infrastructure portfolio and business opportunity. By maximizing the value and increasing the scope of our infrastructure portfolio for HPC hosting and bitcoin mining, we believe we can grow our business and the value we deliver to clients and shareholders,” Sullivan noted.

CORZ stock price

Core Scientific shares traded around $9.63 at the time of writing, more than 17% up on the day. CORZ is up 179% year-to-date. CORZ stock has traded higher since a breakout above $5 in May, with recent news helping the bullish case.

In comparison, BTC is up just over 5% in the past 24 hours as it changes hands around $56,900. 

While the value is up since the dip to near $49k on Aug. 5, Bitcoin remains more than 12% in the red in the past week. In the past month, BTC/USD is up 28% at the time of writing.

The post Core Scientific surges 17% after latest CoreWeave announcement appeared first on CoinJournal.

• India demands $86 million in unpaid GST from crypto exchange Binance.
• Indian law requires 1% TDS on crypto transactions and 30% tax on profits.
• Binance plans to resume operations in India after being banned in January 2024 for noncompliance.

In a significant move, Indian authorities have demanded nearly $86 million in unpaid Goods and Services Tax (GST) from the cryptocurrency exchange Binance.

This marks a pivotal moment as it is the first instance of the Indian government levying a tax demand on any crypto exchange. It comes barely a month after India’s financial watchdog, the Financial Intelligence Unit (FIU), imposed a 188.2 million rupees ($2.25 million) fine on Binance for violating India’s anti-money laundering (AML) rules.

India’s stringent crypto tax framework

The Directorate General of Goods and Service Tax Intelligence (DGGI) issued the demand on August 6, highlighting the rigorous enforcement of the country’s tax regulations on cryptocurrency transactions.

According to Indian law, all crypto service providers and investors are required to pay a 1% Tax Deducted at Source (TDS) on every crypto transaction, regardless of its value.

Additionally, a 30% tax is imposed on all profits derived from crypto investments. These regulations aim to ensure proper tax compliance and curb potential tax evasion in the burgeoning crypto market.

While Indian crypto exchanges such as WazirX and CoinDCX have implemented internal mechanisms to simplify tax obligations for their users, offshore exchanges like Binance have lagged in enforcing these requirements.

Recently, Binance, along with several other offshore crypto exchanges, faced a ban in India in January 2024 due to non-compliance with local regulations.

However, Binance has shown intent to resume operations in the region, contingent on settling its tax liabilities.

The DGGI’s notice underscores the government’s commitment to holding all market participants accountable, regardless of their geographical base. It signals a more stringent regulatory environment for crypto exchanges operating in India.

As Binance moves forward with plans to restart its operations after clearing its dues, this case sets a precedent for how India might handle similar situations with other offshore crypto platforms.

The coming months will be crucial for Binance as it navigates this complex regulatory landscape and strives to regain its foothold in the Indian market.

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• TrumpCoin crashed by 95%, plummeting from $0.00555 to a low of $0.0001203.
• Trading volume surged by 169%, reaching $8.91 million despite the price drop.
• Controversy surrounds TrumpCoin’s origins, with claims involving Donald Trump denied.

In a dramatic turn of events, TrumpCoin (DJT), a Solana-based meme coin using former President Donald Trump’s name and image, has experienced a steep price drop. The token’s value plummeted by 95%, falling from $0.00555 to a low of $0.0001203 before recovering to around $0.00042 at press time.

Despite the massive price drop, trading activity for TrumpCoin surged. Data from Coinmarketcap reveals a 169% increase in trading volume, which stood at $8.91 million at press time.

While some may link the surge in trading activity to investors trying to offload their holdings, the total value locked (TVL) in TrumpCoin stands at approximately $23.1 million, reflecting ongoing investor interest despite the sharp price decline.

Why has TrumpCoin crashed?

The broader crypto market downturn significantly influenced TrumpCoin’s fall. A large-scale sell-off in the crypto market saw Bitcoin and Ethereum prices drop by 10% and 18%, respectively, erasing at least $500 billion from the market capitalization within three days.

The equity markets were also affected, with the S&P 500 falling 4.4%, driven by weak employment data and disappointing earnings from major tech firms.

Prior to the current market turmoil, Martin Shkreli, infamously known as “Pharma Bro,” claimed his involvement in creating TrumpCoin, sparking rumours that the project had official ties to Donald Trump.

Shkreli alleged that Trump and his son Barron were behind the memecoin, a claim that Roger Stone, a close aide to Trump, vehemently denied. This controversy led to over $6.3 million in bets on the authenticity of TrumpCoin on the crypto betting site Polymarket.

Despite reaching an all-time high of $0.01806 in June 2024, TrumpCoin has faced a steep decline, marking an all-time low of $0.0001203 on August 6, 2024.

The meme coin situation remains fluid amid the ongoing cryptocurrency meltdown and the controversy around who is behind the meme coin.

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