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SushiSwap probably wasn’t a ‘long-planned heist’

Published

4 Monaten ago

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In the wake of the sudden departure of Chef Nomi, the original founder of SushiSwap, FTX exchange CEO Sam Bankman-Fried was left to sort out the mess. 

Cointelegraph interviewed Bankman-Fried about his Sushi-related adventures and his vision for the future of the project. 

Bankman-Fried became the holder of the keys to SushiSwap on Sep. 6, just over a week after the launch of the project. Chef Nomi handing these keys over was as sudden for him as it was for the rest of us, he said:

“I was asleep on a beanbag and I heard a shout from someone [saying] that Nomi tweeted that he was going to hand me the keys to the treasury, which was pretty surprising. The basic answer is, it sort of came out of nowhere.”

Chef Nomi did not explain why, but Bankman-Fried conjectured that it was due to his position as a respected member of the community and CEO of a company with its own development team. In addition, he is a SUSHI stakeholder:

“I have been farming some, and I think that’s related to why I’ve been so associated with it.”

He maintained that he does not know the identity of Chef Nomi, and he only had contact with them over Twitter DM. Through these contacts, he formed an opinion on the anonymous developer:

“My sense is that they did care about SushiSwap and wanted to do well and were working hard for it. Probably [they] got a bit greedy, and probably got in a bit over their head. […] And they made a bad decision. That’s my read of it, rather than it being a long-planned heist or anything like that.”

Speaking in terms of the future of the project, Bankman-Fried believes that most of the liquidity will likely stay on SushiSwap through the migration, though “that’s not guaranteed and we’re going to have to see what happens post migration,” he added.

The project also completed the selection process for the new multisig signers that would hold the keys to the treasury and the contracts. Bankman-Fried was voted in, but he said that he will take a less active role after the initial transition is over:

“I may share thoughts and suggestions on it, but I’m not going to be running it, that’s up to the SUSHI holders. Ultimately, it’s not up to me long-term what happens.”



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Ethereum

Crypto enthusiasts could make $122K per year mining Ethereum with this setup

Published

19 Minuten ago

on

Dezember 29, 2020

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Simon Byrne has taken at-home crypto mining to a whole new level as he looks to capitalize on Ethereum’s (ETH) enormous price potential. 

As first reported by Anthony Garreffa, Byrne has set up an ETH mining rig consisting of 78 GeForce RTX 3080 graphics cards. Although the RTX 3080 is marketed toward high-end PC gamers, crypto miners are using these powerful specs to enhance their capabilities.

With each card using roughly 300W of power, Byrne’s setup uses 23.4KW of energy. And that doesn’t even factor in associated costs like AC. All said, his electricity bill is estimated to run up to around $2,166 per month.

The RTX 3080 launched in September at a price of $699, but supply shortages have caused the per-unit cost to swell to $1,199. At the shortage price, that’s a price tag of $93,522 for Byrne’s setup.

Still, these costs could be offset by the operation’s mining capability. One GeForce RTX 3080 graphic card has a hash rate of around 83MH/s using Ethash, which should generate roughly 0.22236870 ETH per month, according to Garreffa. All 78 cards would therefore generate 17.3 ETH per month, which is equivalent to around $12,352 at today’s prices.

Stripping away the electricity costs, that’s roughly $10,200 per month or $122,000 per year. And that’s not factoring in Ethereum’s price potential during the next bull market.

Ether’s price zipped past $700 over the weekend, the first such move since mid-2018. The return of altseason, as some have predicted, could send ETH’s price even higher over the medium term as investors cycle from Bitcoin to other large-cap cryptocurrencies.