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Cointime News Wrapup-Afternoon: Fine Art Photographers Join Forces to Launch NFTs to Battle Climate Change
To smooth and facilitate the reading experience for all users, we hereby compose this wrapup, especially for users who cannot check out what’s going on in a timely manner.
Russian authorities have proposed imposing huge fines on cryptocurrency miners suspected of operating in residential properties. The authorities may also consider revising the Code of Administrative Offenses to hold those who abuse electricity accountable.
On May 14th, TheoriqAI, a modular AI agent infrastructure, announced on X platform that it has completed a $6.2 million Super-Seed round of financing. Hack VC led the investment, with participation from Foresight Ventures, HTX Ventures, Figment Capital, HASH CIB, Inception Capital, Antalpha Ventures, NewTribe Capital, Stateless Ventures, Bitscale Capital, Construct Ventures, Hypersphere, IOSG Ventures, LongHash Ventures, HashKey Capital, SNZ Holding, Chainlink.
The Basel Committee on Banking Supervision's governing body, the Group of Central Bank Governors and Heads of Supervision (GHOS), has delayed the compliance deadline for new rules on bank crypto assets by one year. The latest date for the project has been changed to January 1, 2026.
LayerZero CEO Bryan Pellegrino stated on social media that up to 100,000 addresses have been identified as witches. Previously reported on May 4th, LayerZero officials stated that all witch users were given a chance to self-report within the next 14 days and those who did would receive an expected distribution of 15%.
Niobium, a custom encryption chip provider specializing in zero-trust computing, has announced the completion of a $5.5 million seed round of financing, led by Fusion Fund, with participation from Morgan Creek Capital, Rev1 Ventures, Ohio Innovation Fund, and Hale Capital. It is reported that Niobium is building a fully homomorphic encryption (FHE) accelerator chip and will commercialize it. The new funds will be used to explore the commercial applications of FHE in industries such as healthcare, finance, and blockchain, and also plan to showcase the solution and launch pilot projects in the fourth quarter of this year.
According to distributed GPU cloud computing AI training model project RunPod announced the completion of a $20 million seed round of financing, jointly led by Intel Capital and Dell Technologies Capital, with participation from Julien Chaummond, Nat Friedman, Adam Lewis and others. RunPod uses global distributed GPU cloud computing services to train, deploy, and scale AI models, thereby reducing the workload of developers. According to its official website, RunPad accepts cryptocurrency payments, but reminds users to strongly recommend setting up a crypto.com account as part of the risk management process and conducting any necessary KYC checks in advance.
The latest data from cryptocurrency research and analysis company Kaiko shows that miners are facing huge selling pressure as Bitcoin mining revenue and transaction fees decline. Bitcoin miners' income mainly comes from two aspects: mining rewards and transaction fees. However, affected by the halving of Bitcoin rewards in April (block rewards dropped from 6.25 BTC to 3.125 BTC), miners have to sell Bitcoin to pay for costs. Kaiko researchers pointed out in the report that the halving event usually prompts miners to sell BTC because the mining process requires a lot of expenses.
According to Kaiko Research, the correlation between Bitcoin (BTC) and stocks is increasing. After reaching a multi-year low of 0.01 in March, the 90-day correlation rose to 0.17 last week. Based on the company's research report on May 13th, the 90-day correlation between Bitcoin and stocks rose to 0.17 in the week of May 5th, higher than the multi-year low of 0.01 in March. The correlation between BTC and risk assets is lower than the high of 0.6 during the bull market.
According to data monitored by Arkham, Grayscale transferred about 1202 BTC to Coinbase and Coinbase Prime this morning. The data shows that Grayscale transferred about 1050 BTC to Coinbase about 9 hours ago, worth about $66.96 million, and then transferred about 151.416 BTC to Coinbase Prime about 7 hours ago, worth about $9.76 million.
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