FameEX Morning Crypto News Recap | September 5, 2024

Bitcoin Mining Companies Encounter High Cost Challenges in Transitioning to AI Data Centers

Bitcoin mining companies are shifting to high-performance AI data centers to boost revenue, but the transition is expensive. Sabre56 CEO Phil Harvey noted that operating an AI data center costs 10-15 times more than a crypto mining farm, with expenses ranging from $3 million to $5 million per megawatt, compared to $300,000 to $350,000 for a mining farm.

Experts Weigh the Influence of Crypto Voters on the 2024 US Presidential Election

Political experts are divided on the influence of crypto voters in the 2024 U.S. presidential election but agree that interest in cryptocurrency is growing. Ravi Sarathy, a Northeastern University professor, noted that the approval of Bitcoin-related ETFs has increased awareness and investment, potentially making cryptocurrency more influential in the election.

CME Ethereum Futures Trading Volume Drops to $20.8 Billion in August, Lowest Since November 2023

In August, CME Ethereum futures' total monthly trading volume dropped to $20.8 billion, a 31% decrease from the previous month and the lowest since November 2023. Analysts suggest this decline in Ethereum derivatives trading volume reflects lower-than-expected institutional interest in the asset.

South Korea's Financial Supervisory Service to Investigate Suspicious Transactions on Virtual Asset Exchanges

South Korea’s Financial Supervisory Service (FSS) will inspect virtual asset exchanges for suspicious or illegal transactions. The agency plans to enforce strict penalties for violations, uphold market order, and propose regulatory changes to address systemic issues when necessary.

OpenSea Receives SEC Wells Notice

The NFT platform OpenSea received a Wells notice from the SEC, accusing its NFTs of being unregistered securities. OpenSea's CEO argued this could hinder innovation and harm creators. While the SEC's claims may seem "unconstructive," lawyers believe NFTs can be considered securities in certain cases, with some NFT use cases resembling investment products, according to Web3 organization Atlas Development's chief legal officer.

Tether Collaborates with Thailand’s Mahidol University to Launch Stablecoin and Blockchain Courses

Tether, the USDT issuer, has signed a memorandum of understanding with Thailand's Mahidol University International College (MUIC) to integrate stablecoins, blockchain, and P2P technologies into MUIC courses. The collaboration includes seminars, guest lectures, and research projects, aiming to enhance financial education and foster community engagement.

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