Twitter introduces content creator subscriptions

Twitter has announced a major overhaul to its platform, allowing content creators to monetize their posts through a new subscriptions feature. In the wake of mass layoffs and the introduction of Twitter Blue subscriptions, CEO Elon Musk has been spearheading radical changes to turn Twitter into a profitable business. Now, creators on the social media platform can offer exclusive content to paying followers, earning revenue from subscriptions.

The new “Subscriptions” feature allows Twitter users to charge followers a monthly fee “from one of the price points made available by Twitter.” Paid subscribers can then access the creator’s exclusive content, which is not viewable to the public. Twitter has partnered with payments processor Stripe to payout creators on the platform.

Under this new feature, creators will be allowed to keep 97% of the revenue up to $50,000 in lifetime earnings, after which the revenue split will be dropped to 80%. However, the revenue share will begin only after the users earn the minimum threshold of $50. The subscription services are non-refundable even if a creator’s Twitter account gets suspended for any reason. In such scenarios, users are required to manually unsubscribe to avoid auto-monthly payments to inactive Twitter accounts.

This latest user-centric update from Twitter is targeted at improving follower engagement and creating new revenue streams on the social media platform. It is expected to be welcomed by members of Crypto Twitter who have gained credibility and a significant following on the platform through years of posting.

Elon Musk’s ongoing initiatives to redesign Twitter will also include artificial intelligence (AI) to combat misinformation on the social media platform. Despite warning against the development of AI due to societal concerns, Musk reportedly purchased nearly 10,000 graphics processing units to build the upcoming AI tools.

With this new feature, Twitter is following in the footsteps of other social media platforms such as Patreon and OnlyFans, which allow content creators to monetize their content through subscriptions. The move comes as part of Twitter’s strategy to turn the platform into a profitable business, following years of losses.

However, the introduction of subscriptions has been met with some criticism from users, who argue that it is yet another way for Twitter to extract money from its user base. Critics also worry that this move will further divide Twitter users between those who can afford to subscribe to creators and those who cannot.

Despite the concerns, Twitter’s move towards monetizing content creators could prove to be a significant step towards profitability for the social media giant. Only time will tell if this new feature will be successful in achieving its goal of improving follower engagement and creating new revenue streams on the platform.

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Twitter introduces content creator subscriptions

Twitter has announced a major overhaul to its platform, allowing content creators to monetize their posts through a new subscriptions feature. In the wake of mass layoffs and the introduction of Twitter Blue subscriptions, CEO Elon Musk has been spearheading radical changes to turn Twitter into a profitable business. Now, creators on the social media platform can offer exclusive content to paying followers, earning revenue from subscriptions.

The new “Subscriptions” feature allows Twitter users to charge followers a monthly fee “from one of the price points made available by Twitter.” Paid subscribers can then access the creator’s exclusive content, which is not viewable to the public. Twitter has partnered with payments processor Stripe to payout creators on the platform.

Under this new feature, creators will be allowed to keep 97% of the revenue up to $50,000 in lifetime earnings, after which the revenue split will be dropped to 80%. However, the revenue share will begin only after the users earn the minimum threshold of $50. The subscription services are non-refundable even if a creator’s Twitter account gets suspended for any reason. In such scenarios, users are required to manually unsubscribe to avoid auto-monthly payments to inactive Twitter accounts.

This latest user-centric update from Twitter is targeted at improving follower engagement and creating new revenue streams on the social media platform. It is expected to be welcomed by members of Crypto Twitter who have gained credibility and a significant following on the platform through years of posting.

Elon Musk’s ongoing initiatives to redesign Twitter will also include artificial intelligence (AI) to combat misinformation on the social media platform. Despite warning against the development of AI due to societal concerns, Musk reportedly purchased nearly 10,000 graphics processing units to build the upcoming AI tools.

With this new feature, Twitter is following in the footsteps of other social media platforms such as Patreon and OnlyFans, which allow content creators to monetize their content through subscriptions. The move comes as part of Twitter’s strategy to turn the platform into a profitable business, following years of losses.

However, the introduction of subscriptions has been met with some criticism from users, who argue that it is yet another way for Twitter to extract money from its user base. Critics also worry that this move will further divide Twitter users between those who can afford to subscribe to creators and those who cannot.

Despite the concerns, Twitter’s move towards monetizing content creators could prove to be a significant step towards profitability for the social media giant. Only time will tell if this new feature will be successful in achieving its goal of improving follower engagement and creating new revenue streams on the platform.

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Twitter Enables Monetization for Creators

Tesla CEO Elon Musk has made significant changes to Twitter since taking it over, including mass layoffs and the introduction of Twitter Blue subscriptions. Now, Twitter has enabled monetization for creators through a new subscription service, allowing them to charge followers a monthly fee for access to exclusive content.

The feature is targeted at improving follower engagement and creating new revenue streams on the social media platform. Known as “Subscriptions”, Twitter users can charge followers a monthly price from one of the price points made available by Twitter. Once paid, subscribers can access the creator’s exclusive content, which is not viewable to the public.

To incentivize creators, Twitter will allow them to keep 97% of the revenue up to $50,000 in lifetime earnings, after which the revenue split drops to 80%. Twitter has partnered with payments processor Stripe to payout creators on the platform.

However, the revenue share will only begin once creators earn the minimum threshold of $50. Additionally, subscription services are non-refundable, even if a creator’s Twitter account gets suspended for any reason. In such scenarios, users are required to manually unsubscribe to avoid auto-monthly payments to inactive Twitter accounts.

The introduction of content creator subscriptions has been welcomed by members of Crypto Twitter, who have built credibility and a massive following on Twitter over the years.

Musk’s ongoing initiatives to redesign Twitter include using artificial intelligence (AI) to detect and deter misinformation on the platform. Despite previously warning the world against AI development due to societal concerns, Musk has reportedly purchased nearly 10,000 graphics processing units to build the upcoming AI tools.

The move towards monetization for creators is part of Musk’s efforts to turn Twitter into a profitable business. The company has taken several drastic measures since Musk’s takeover, including mass layoffs and the introduction of Twitter Blue subscriptions. Musk saw the introduction of subscriptions as a much-needed revenue stream for the company, despite resistance from previously-verified individuals who did not want to pay a monthly fee for a blue checkmark on their account.

Overall, the new monetization feature is a step towards greater user-centricity on Twitter, allowing creators to earn revenue from their content and potentially make a career out of it. With the increasing popularity of social media platforms as a source of news and information, Twitter’s move to enable monetization for creators could help to promote citizen journalism and provide more diverse perspectives on global events.

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Ethereum Network’s Gas Fees Skyrocket Amid Memecoin Frenzy

The Ethereum network has been experiencing a surge in gas fees due to the ongoing memecoin frenzy. As a result, the network’s daily revenue has skyrocketed and has even surpassed that of Bitcoin. However, while some Ethereum proponents celebrate the growing revenue, many others are concerned about the network’s growing congestion and the difficulty in processing transactions.

According to recent reports, there has been an unusual shift in the top 10 gas-burning altcoins. Instead of the usual suspects like ETH, WETH, and USDT, memecoins such as TROLL, APED, and BOBO have become the top 10 spenders. The average gas price for Ethereum transactions as of April 20 was 81.94 gwei, which is a significant increase from 60.82 gwei on April 19 and 44.42 gwei last year.

Independent Ethereum educator Anthony Sassano noted the surge in daily fee revenue of the Ethereum network and pointed out that the network had brought in 28 times the revenue of Bitcoin. He also mentioned Ethereum layer-2 platforms like Arbitrum One that have outperformed the BTC network in terms of daily revenue due to the ongoing meme frenzy.

Ethereum proponents argue that the high gas fee and subsequent higher revenue highlight the network’s growing usability. However, many on Crypto Twitter were quick to point out that the extensive usage they are referring to is just a few thousand users gambling on memecoins. Some users have even paid gas fees as high as a few hundred dollars, while others complained about having to pay a higher gas fee than the actual transaction.

The soaring gas fees were also blamed on a Maximal Extractable Value (MEV) trading bot that is front-running memecoin trades on a massive scale. The bot in question, jaredfromsubway.eth, has been the top gas spender in the last 24 hours, spending 455 ETH ($950,000) and using 7% of the total gas of the network. In the last two months, it has spent more than 3,720 ETH ($7 million) in gas fees and performed more than 180,000 transactions. The Subway-themed bot is using the sandwich trading technique to pocket millions of dollars while congesting the network at the same time.

This situation highlights the need for Ethereum to address its scalability issues and find a long-term solution to address the increasing demand for memecoin trading. The current frenzy may be beneficial for short-term revenue, but it is also causing significant congestion and higher fees for users. The Ethereum network needs to find a balance between profitability and usability to ensure the long-term sustainability of the network.

In conclusion, the growing memecoin frenzy has caused Ethereum’s gas fees to skyrocket and has resulted in a surge of revenue for the network. However, it has also highlighted the growing congestion and difficulty in processing transactions. The Ethereum network needs to find a long-term solution to address its scalability issues and find a balance between profitability and usability to ensure its long-term sustainability.

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Revolut faces issues with 2021 annual report

Revolut, a British-Lithuanian fintech company known for its crypto-friendly services, recently released its annual report for the year ending December 2021. The report revealed that Revolut generated a revenue of £636 million ($769 million) in 2021, a significant increase from the previous year’s £220 million ($266 million). This marks the company’s first-ever full year of profit since its launch in 2015.

Despite the positive financial news, the company’s annual report has faced issues. Independent auditors from the global accounting network BDO have reviewed the report and confirmed that it accurately reflects the state of the company’s affairs as of Dec. 31, 2021. However, the auditors also noted certain qualifications related to the report, which could impact its accuracy.

According to BDO’s qualified opinion section, the report was correct “except for the possible effects of the matters described in the basis for the qualified opinion section.” This suggests that there are certain factors that may affect the accuracy of the report, which the auditors have identified and highlighted.

Despite this, Revolut’s leadership remains optimistic about the company’s future prospects. The neobank has rapidly expanded its user base and range of services, including allowing customers to buy and sell cryptocurrencies like Bitcoin and Ethereum. The company has also expanded its operations globally, with offices in over 30 countries and plans to launch in new markets.

Revolut’s CEO, Nikolay Storonsky, expressed his satisfaction with the company’s performance in the 2021 fiscal year, stating, “We are delighted to report our first-ever full year of profitability, which is a testament to the hard work and dedication of our team.” He also emphasized the importance of innovation and growth in the company’s ongoing success, stating, “We are continuing to push boundaries and innovate in order to provide our customers with the best possible experience, and we look forward to even more growth and success in the years ahead.”

Revolut’s recent financial success and ongoing expansion efforts have cemented its position as a leading player in the fintech industry. Despite the issues with its annual report, the company’s strong financial performance and focus on innovation bode well for its future prospects.

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Canaan’s Q4 2022 Revenue Declines by 82.1% YoY to $56.8M

Chinese Bitcoin miner and manufacturer of application-specific integrated circuit (ASIC) mining machines, Canaan, has reported an 82.1% YoY revenue decline to $56.8 million in Q4 2022, according to a new filing with the U.S. Securities and Exchange Commission on Mar. 7. This represents a significant drop in revenue for the company, which sold 1.9 million terahash per second worth of computing power for Bitcoin mining during the quarter. However, this figure does not account for lower ASIC prices and represents a 75.8% decline from Q4 2021.

Despite the decline in revenue, Canaan’s mining revenue improved by 368.2% YoY to $10.46 million. Nangeng Zhang, Chairman and CEO of Canaan, said that the company had been “diligently improving and developing our mining business” to mitigate demand risks during the market downturn. This effort yielded more progress in early 2023, with 3.8 EH/s hash rate installed for mining as of the end of February. Accordingly, the company has made decisive investments in bolstering its production capacity and expanding its mining operations to more varied geographic regions that offer advantageous conditions.

However, the company’s net income swung to a $63.6 million loss in Q4 2022 compared to a profit of $182.0 million in Q4 2021. According to Jin Cheng, Chief Financial Officer of Canaan, the loss was due to inventory write-downs and research expenses related to its new fleet of ASICs. He said, “Considering very soft market demand and low selling price, we incurred an additional inventory write-down of RMB205.3 million, which also dampened our gross margin. In conjunction with one-time higher research and development expenses relating to the tape-out for our A13 series, our bottom line suffered losses during the quarter.”

 For the full year, Canaan’s revenue decreased by 13.8% to $634.9 million, mainly due to better industry conditions in Q1 and Q2 2022. Despite the decline in revenue, the company has a strong balance sheet, with $706 million in total assets compared to $67 million in total liabilities.

Looking ahead, Canaan expects to face continued market challenges and volatility, but remains committed to developing its mining business and investing in new technology to drive long-term growth. The company’s recent investments in production capacity and geographic expansion suggest that it is well-positioned to capitalize on any future recovery in the Bitcoin market.

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Ethereum’s Network Revenue Shot up by 1,777% Last Annual Year

During the release of Ethereum’s quarterly report, market insight provider Bankless noted that ETH network revenue increased by 1,777% from Q4 2020 to Q4 2021. 

Per the announcement:

“Network Revenue rose 1,777% from $231.41 million to $4.34 billion. Of this, $3.78 billion (87%) worth of ETH was “burned” and removed from the circulating supply through EIP-1559.”

Network revenue entails the fees paid by users to utilize the Ethereum network.

Furthermore, the average daily active addresses rose by 35% from 425,636 to 572,700 during the same period, signalling that more participants joined the ETH ecosystem. 

On the other hand, the inflation rate was downtrend from Q4 2020 to Q4 2021. Bankless acknowledged:

“ETH Inflation Rate fell 64% from 1.13% to 0.46%. This tracks the increase in the supply of ETH, less burnt fees, as a result of the block reward issued to miners as compensation for confirming transactions.”

A recent study by crypto service provider LuckyHash pointed out that the inflation rate would enter the negative zone if Ethereum 2.0 were fully upgraded, hence prompting a 1% annual deflation rate. 

Ethereum 2.0, also known as the Beacon Chain, which seeks to transit the network to a proof of stake (PoS) consensus mechanism from the current proof of work (PoW), recently reached a new milestone with a deposit of more than 9 million Ether. 

Nevertheless, the challenge of high gas fees on the ETH ecosystem continues to be evident because the average transaction fee jumped by 557%, from $4.09 to $26.89, as disclosed in the quarterly report. 

Meanwhile, a recent poll undertaken by Vitalik Buterin revealed that Cardano (ADA), Bitcoin (BTC), and Solana (SOL) were the most preferred Ethereum substitutes. 

Image source: Shutterstock

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Square Saw $1.8 Billion in Bitcoin Revenue in Q3

Key Takeaways

  • Square has published its quarterly earnings report, which includes details on its Bitcoin revenue and profits.
  • The company saw $1.8 billion in Bitcoin revenue and $42 million in Bitcoin profits this quarter.
  • Those numbers represent a decline in quarterly revenue, but an increase year over year revenue.




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Square has released its quarterly earnings report, which includes profits and revenue from Bitcoin transactions and sales.

Square’s Quarterly Bitcoin Revenue Is Down

Square says that it saw $1.8 billion in Bitcoin revenue during Q3 2021, an increase of 11% year over year. That translated into $42 million in gross profits, an increase of 29% year over year.

Though those numbers represent an annual increase, they also represent a quarterly decline. Square saw $2.7 billion in Bitcoin revenue in Q2 and $3.5 billion in Bitcoin revenue in Q1 of this year.


In fact, Square’s Bitcoin revenue this quarter was closest to Q4 2020, when the company brought in $1.76 billion in revenue.

Square says that this decline has been due to market conditions, “driven primarily by relative stability in the price of bitcoin which affected, trading activity compared to prior quarters.” Investors are mainly interested in buying Bitcoin low, a strategy that is more difficult in a stable market.

Bitcoin Made Up Half of Total Revenue

It appears that Bitcoin still makes up a significant part of Square’s revenue. Combining Bitcoin and other transactions, the company saw $3.84 billion in revenue this quarter, meaning that Bitcoin was responsible for roughly half (46%) of Square’s total revenue.



Bitcoin was not so significant in terms of profits though. The company saw a total of $1.13 billion in gross profits, with its $42 million of Bitcoin profits making up less than 4% of that number.

Square is one of the largest payment processors in the world, handling both Bitcoin and regular currency. It is also notable for being led by Twitter CEO Jack Dorsey, who has become a vocal proponent of Bitcoin.

Disclaimer: At the time of writing this author held less than $100 of Bitcoin, Ethereum, and altcoins.

This news was brought to you by Phemex, our preferred Derivatives Partner.

Phemex


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Hash rate and difficulty rebound shows miners have recovered from China exodus

Bitcoin mining operations are on the path to full recovery following the most dramatic short-term disruption in network history earlier this year, and miners are reaping the rewards in revenues. 

In its Oct. 4 Week on Chain report, on-chain analytics provider Glassnode reports that Bitcoin hashrate has largely recovered despite 50% of the network’s hashing power going offline in May following China’s crackdown on the sector. Hash rate measures the total computational resources of a Proof-of-Work network.

Glassnode asserts that both hash rate and mining difficulty — which measures competition among miners seeking to solve the network’s next block — are both on a “consistent path to recovery.” Cointelegraph reported that difficulty slumped by 28% in early July.

Having increased 39% since late July, mining difficulty has nearly returned to its pre-China exodus levels, with an additional upward adjustment expected to take place this week.

Glassnode also reported that the difficulty ribbon has posted its strongest reversal since December 2018.

Bitcoin mining difficulty: Glassnode

Related: Bitcoin mining difficulty surges 31% since July

Despite block rewards having been slashed by 50% from 12.5 BTC to 6.25 BTC in May 2020 halving event, mining profitability has increased significantly since.

Glassnode noted that the current mining profitability of $40 million daiy is up 275% since before Bitcoin’s May 2020 halving, and has increased by roughly 630% compared to June 2020’s lows of roughly between $6 million and $8 million.

“Despite dramatic shifts in the mining market, multiple deep price corrections, and a halving event in May 2020, the Bitcoin block reward value continues to rise, creating incentives for the market to adapt, innovate and recover,” the report added.

Bitcoin mining revenue: Glassnode