CRYPTO NEWS

Bitcoin Selloff Provides Boost To Miner Fee Revenues

Bitcoin sell-offs have been the order of the day since the weekend. This has translated to ever-decreasing prices for the digital asset. Another avenue where this has had an effect has been the miner fee revenues. Usually, these transaction fee revenues have been on the low side. But with the recent sell-offs triggering a surge in daily transaction volumes, the result has been more earnings for miners in terms of transaction fees.

Bitcoin Daily Revenues Plummet

Even though there has been a surge in miner fee revenues, the daily miner revenues have not gone up with it. Even with the increased on-chain activity, revenues have fallen short of the figures recorded for the previous week. 

Related Reading | Crypto Liquidations Reach $1 Billion As Sentiment Falls To 10-Month Lows

The increased transaction volume has been a direct result of the high volatility that has been recorded in the market. As always, when volatility is this high, investors are usually moving their coins, mostly to sell off, to avoid taking more losses in the market. This saw daily transaction volume grow as high as 63.48% in the space of a week. The average transaction value had no doubt had the highest impact on this, which had increased by 66.38% in the same time period. 

BTC hashrate on the rise | Source: Arcane Research

Daily transaction volume is now sitting at $8.3 billion, up from $5.06 billion the previous week. Daily miner revenues are down 9.17% from the prior week’s $37.28 billion to be sitting at $33.86 billion for the last week. 

Fees per day also saw a 28.81% increase. What this resulted in was growth from $421,137 to $542,486. This puts the percentage of transaction fees making up miner revenues at 1.6%, one of the highest levels ever recorded in 2022.

Mining Difficulty On The Rise

The block production rate from miners has been on the rise for the last couple of weeks. However, with the last week, it had begun to crumble. It fell 2.15% from its 6.36 block production rate per hour for the prior seven days to now be sitting at a 6.23 block production rate for last week.

BTC crashes below $30,000 | Source: BTCUSD on TradingView.com

Nevertheless, the block production rate for bitcoin miners is still high, as the previous target had been a block production rate of 6 per hour. With such a high block production rate, it is expected that the mining difficulty is set to go up another 4% to 5% by Wednesday.

Related Reading | Market Downtrend Trigger Bitcoin Inflows From Institutional Investors

Bitcoin’s hashrate continues to remain high and has not been negatively impacted by the recent market crash. Average transactions per block are down for the past week though from 1,806 to 1,774, accounting for a 1.75% decrease.

Featured image from Business Today, charts from Arcane Research and TradingView.com

Bulgarian Crypto Trader Disappears Under Mysterious Circumstances

The whereabouts of Alexander Altunbashev, a Bulgarian entrepreneur and crypto trader, are unknown since Monday. Law enforcement officials are now investigating his possible abduction while some in the local crypto community speculate he might be hiding from disgruntled investors. Bulgarian Authorities Investigate Possible Kidnapping of Alleged Crypto Millionaire Police in Bulgaria are trying to locate::Listen

Bulgarian Crypto Trader Disappears Under Mysterious Circumstances

The whereabouts of Alexander Altunbashev, a Bulgarian entrepreneur and crypto trader, are unknown since Monday. Law enforcement officials are now investigating his possible abduction while some in the local crypto community speculate he might be hiding from disgruntled investors.

Bulgarian Authorities Investigate Possible Kidnapping of Alleged Crypto Millionaire

Police in Bulgaria are trying to locate a businessman who went missing under strange circumstances earlier this week. The 32-year-old Alexander Altunbashev is an IT specialist and entrepreneur who, according to media reports, made money from crypto trading.

Prosecutors in Sofia are looking into his possible kidnapping as the main suspected reason for his disappearance. Quoting sources from the investigation, Nova TV reported that Alexander’s sister, Teodora, spoke with him before he left for Plovdiv, Bulgaria’s second-largest city.

On Monday morning, Teodora gave him a ride to Sofia’s Mladost district. Later that day, she saw a man unlocking and entering her brother’s home, right next door to her own apartment. When she asked him who he was and what he was doing, he left telling her only he was “in a hurry” and getting in an SUV driven by a woman.

Investigators found Alexander’s apartment turned upside down. They believe that whoever did it was probably trying to gain access to his bank accounts or cryptocurrency wallets. The last time Teodora managed to reach him over the phone, Alexander told her he was traveling towards Burgas, on Bulgaria’s Black Sea coast.

Alexander’s atypical behavior and her failed attempts to talk to him again when his phone was switched off convinced Teodora to call the police. Investigators have also interrogated the crypto trader’s girlfriend, Kristina, who didn’t know of any threats against him or issues with his business relations.

Altunbashev May Be Hiding From Clients, Crypto Community Suspects

The missing IT expert’s cellphone was last used from a location just outside Sofia. The last person to speak with him was Ivaylo Borisov, a person with a criminal record known by his alias ‘Torino,’ who is a close friend of Alexander. The two were supposed to meet at noon on Monday but the crypto trader didn’t show up. Borisov is collaborating with law enforcement authorities.

Meanwhile, speculations have emerged in the country’s crypto community that Alexander Altunbashev may have actually decided to go into hiding as he was probably investing funds for clients that may have been lost. “If he was indeed managing money for others, and you wake up one morning and the money has turned to zero — maybe there is a conflict with the people that are looking for their money,” commented Vladislav Dramaliev, director of Bithope Foundation, quoted by bTV.

The case follows the recent crypto market slump that led to major coins like bitcoin (BTC) and ether (ETH) losing half of their value since last year’s all-time highs and the collapse of crypto projects. According to unconfirmed reports by other Bulgarian publications, Altunbashev made over €6 million (almost $6.5 million) in 2021 and allegedly boasted to friends about expensive real estate purchases in Greece and Dubai. His Facebook profile reveals he has visited other exotic destinations as well.

Do you think Bulgarian authorities will manage to locate the missing crypto trader? Tell us in the comments section below.

Bitcoin Selloff Provides Boost To Miner Fee Revenues

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