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Barclays Analyst Predicts Billions in Additional Revenue From ‘Facebook Coin’ by...

A Barclays analyst stated that a possible “Facebook Coin” could generate $19 billion in additional revenue by 2021. Facebook’s own cryptocurrency, if launched, could potentially generate $19 billion in additional revenue by 2021, CNBC reports on March 11. Barclays internet analyst Ross Sandler wrote in a client note that a cryptocurrency could establish a new revenue stream for Facebook, aiding its share price that tanked amid a series of high-profile scandals last year. In his forecast, Sandler pointed out that the crypto-based revenue option is something “sorely needed at this stage of the company’s narrative,” stressing that any advertising-free revenue streams are likely to be well-perceived by Facebook’s shareholders. Sandler said that his more conservative revenue estimate for the new coin is $3 billion. The Barclays analyst recalled Facebook’s original payment project that was similar to what cryptocurrencies are today. Developed by California-based firm The Menlo Park in 2010,..

Report: Canada Revenue Agency Auditing Crypto Investors

According to Forbes, the Canada Revenue Agency has sent crypto investors lengthy questionnaires regarding their holdings. The Canada Revenue Agency (CRA), the government’s tax collection service, is reportedly auditing investors in cryptocurrencies like Bitcoin (BTC), Forbes reports on March 6. Citing sources close to the matter, Forbes states that the CRA has sent extensive questionnaires to investors pertaining to their crypto-related activities in recent years. The questionnaires reportedly run 14 pages long with 54 questions and multiple sub-questions. The CRA told Forbes: “In order to protect the integrity of our risk assessment systems, we cannot comment on the specific information or criteria we use to select files for audit.” Per Forbes, the CRA is asking investors to clarify multiple points regarding their crypto investments, such how and through whom they purchased the assets and whether they use cryptocurrency mixing services or tumblers. Another question reportedly asks wh..

Bitcoin Mining Revenue Begins Slow Recovery After 18-Month Lows, New Report...

Diar finds that signs of recovery follow dips in mining revenue to their lowest since August 2017. Bitcoin (BTC) mining revenues have begun climbing after falling to their lowest levels in 18 months, statistics from cryptocurrency industry newsletter Diar confirmed Mar. 4. Capping a troubling year for miners, February saw revenue drop to amounts not seen since August 2017 — when Bitcoin was at the start of its most recent bull run. Mining income totalled $195 million in February 2019, down from $210 million in January and a fraction of the $951 million all-time highs seen at the height of the bull run in December 2017. “To make matters slightly more difficult, miners running optimal equipment and who have secured wholesale electricity prices have seen their gross margins squeezed requiring a massive deployment of hash power in order to stay afloat,” Diar added. As Cointelegraph reported, the last two months of 2018 were not financially beneficial for miners. A sudden price downturn of..

Square Bitcoin Revenue Success Contrasts Profit Warnings After Record Q4 Results

The company sold $52 million in Bitcoin in the last quarter of 2018, bringing annual totals to over $166 million. United States-based payment platform Square reported $166 million in annual Bitcoin (BTC) revenue for 2018, data from its annual earnings report published Feb. 27 confirms. Square, which shares its CEO Jack Dorsey with Twitter, achieved just over $52 million in Bitcoin sales for Q4, surpassing Q3 by $9 million and Q2 by more than $15 million. Clear profit from the Bitcoin operations, which involve Square’s consumer app Cash, remain low, as purchasing costs account for the vast majority of revenue. Nonetheless, Bitcoin industry figures appeared buoyed by the results, which contrast with a forecast slowdown for Square more generally, with shares falling following publication of the earnings report and Q1 2019 profit warning. “For the year ahead we continue to focus on three things […] add strength to in-person payments, to mobile payments and also to online. We're reall..

Nvidia Reports Full-Year Revenue Increases But Q4 Losses After Cryptocurrency ‘Hangover’

The company posted an overall 21 percent annual earnings increase compared to the same time last year. United States gaming and computer hardware manufacturer Nvidia has reported full-year revenue gains, the company confirmed in a press release about its Q4 earnings published on Feb. 14. Nvidia, which was one of the companies worst hit by the cryptocurrency market downturn and associated lack of demand of mining components, said its total 2018 revenue climbed 21 percent from 2017 numbers to $11.72 billion. The growth was driven by all-time high sales of its gaming, datacenter, professional visualization and automotive products. Nvidia’s shares jumped 8 percent this week on the unveiling of the figures, which nonetheless painted a less buoyant picture of Q4 performance. Revenue was down 24 percent versus the same quarter the previous year to $2.24 billion. Commenting on the statistics, founder and CEO Jensen Huang underscored the volatility in the market. “This was a turbulent close to..

Nvidia Decreases Q4 Revenue Estimates Citing Crypto Mining Decline, Conditions in...

GPU manufacturer Nvidia has adjusted its projected sales revenue for Q4 to be lower than previous estimates. Taiwan-based computer hardware producer Nvidia updated its financial estimates for Q4 for the fiscal year of 2019, according to a press release on Jan. 28. The company is reflecting weaker forecasted sales in its gaming and data center platforms, which comes from excess mid-range channel inventory following the slump in cryptocurrency markets. Q4 revenue is expected to be at $ 2.20 billion, opposed to the previous projection of $2.70 billion according to a statement released by Nvidia on Jan 28. The cryptocurrency mining frenzy drove up demand for Nvidia’s graphics processing units (GPUs). However, once the demand began to disappear due to decreased crypto valuations, GPU prices did not decrease enough to attract new consumers to purchase more affordable cards. This led to what Nvidia founder and CEO Jensen Huang has called a “crypto hangover.” Jensen Huang said in the press re..

Ethereum-Based Scam Revenue More Than Doubled in 2018: Report

Scammers targeting Ethereum’s blockchain raked in $36 million in 2018, according to a report released by crypto analytics company Chainalysis. The value of Ethereum (ETH) stolen via scams reached $36 million 2018, according to a report released by crypto analytics company Chainalysis on Jan. 23. According to the Chainalysis report, scams that occurred last year were reportedly more sophisticated, bigger and vastly more lucrative. Chainalysis also reports that Ethereum has “long been known as the cryptocurrency of choice for scams.” Chainalysis reports that the value of stolen funds more than doubled in 2018, compared to the $17 million in ETH obtained through scams in 2017. The increase in profits occurred despite the fact that the number of scams declined compared to the previous year. Revenue of ETH-involving scams and number of scam victims per year. Source: Chainalysis From late 2016 to the end of 2018, the report found that over 2,000 Ethereum scam addresses received funds from ..

Chip Making Giant TSMC Reports Significant Drop in Crypto Mining Revenue

Chip manufacturing giant Taiwan Semiconductor Manufacturing reported a sizeable drop in its crypto mining-related revenue in 2018. Chip manufacturing giant Taiwan Semiconductor Manufacturing (TSMC) reported a sizeable drop in its crypto mining-related revenue in 2018. The news was revealed in the company’s Q4 2018 financial results, published Jan. 17, together with an earnings call transcript. TSMC has not disclosed specific data for its crypto mining business — including it instead within its high-performance computing (HPC) segment. In the earnings call transcript, TSMC CEO & Vice Chairman C.C. Wei revealed that whereas HPC, excluding crypto, had grown slightly: “[C]ryptocurrency is a big drop from 2018 to 2019. So if we put the cryptocurrency together in the HPC, it's a big drop. It's almost a double-digit.” Pressed to give more exact data, Wei only noted that cryptocurrency had contributed a lot to the manufacturer’s chip sales last year, yet emphasized the firm “cannot ..

Bulgarian Revenue Agency Announces Inspection of Cryptocurrency-Selling Companies

The Bulgarian National Revenue Agency has announced the launch of inspections of cryptocurrency-selling companies. The Bulgarian National Revenue Agency (NRA) has announced the launch of inspections of cryptocurrency-selling companies, English-language Sofia-based news outlet novinite reports on Jan. 14. The objective of the investigation is to assure compliance with tax and social security regulation, as the agency is reportedly worried about the use of crypto-assets for revenue concealment and tax evasion. The Bulgarian RSA reportedly conducted a survey of the companies that own online platforms for the sale and purchase of cryptocurrencies — like cryptocurrency exchanges — and already assigned control actions (which presumably means checks) to nine companies. After the completion of the checks, the tax authority will reportedly use the information obtained from the platform to determine whether the users have declared their income from the use of cryptocurrency exchanges. In Bulgar..

Despite Reporting Revenue Losses, GMO Internet’s Crypto Mining Rewards Soar

Japan’s GMO Internet Group has confirmed it took a steep hit in overall mining revenue, but saw an increase in monthly BTC mining rewards. Japanese IT giant GMO Internet Group has published the latest monthly disclosure on its in-house crypto mining operations, confirming that it took a steep hit in overall mining revenue. GMO released the disclosure in a publicly available document on Jan. 8, also revealing a steady increase in its monthly Bitcoin (BTC) mining rewards. As previously reported, GMO’s consolidated losses for Q4 2018 totalled 35.5 billion yen ($320 million), with its unconsolidated loss tallying at around 38 billion yen ($334.5 million). As a result, the firm announced it would be shutting down its hardware manufacturing business, but would nonetheless continue its in-house mining operations. These latter will be reportedly subject to restructuring, with plans to relocate GMO’s mining center to a region with lower-cost electricity supplies. As revealed in GMO’s latest mo..
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