IRS Seeks Third-Party Contractors for Crypto Tax Auditing – May 13

📈 30 Second Cryptocurrency Price Summary

Current Bitcoin Price$9,019

Bitcoin price has risen slowly over the last 24 hours, reclaiming the $9,000 mark overnight.

Top-20 altcoins have stayed stable, as most coins remain almost unchanged. Ethereum and XRP are up less than 1% each, while Stellar leads all gainers with a 4% rise.

Top Stories for May 13, 2020 🔥

👉 IRS Seeks Third-Party Contractors for Crypto Tax Auditing

The Internal Revenue Service (IRS) of the United States is reportedly seeking to hire third-party contractors to audit cryptocurrency tax returns.

Multiple companies including CryptoTrader.tax – a cryptocurrency tax service provider – received emails from the IRS requesting assistance.

This follows on from the IRS’s addition of a question to their latest tax return forms, requiring US taxpayers to declare any participation in the use or investment of cryptocurrencies.

👉 Telegram Throws in the Towel on $1.7B Project

Telegram has announced today that they will be discontinuing their ICO-funded “Telegram Open Network” (TON).

The project faced a ton of hurdles, revolving around a lengthy battle with the SEC regarding the security status of the network’s “Gram” token.

An independent developer group has launched its own version of the network, however, which is based on the TON source code.

👉 Bitcoin Network Hash Rate Falls 16% Following Halving

Bitcoin’s hash rate has fallen 16% following yesterday’s block reward halving, as unprofitable mining operations begin to shut down.The network measured at 122 EH/s at the time of the halving, falling to 102 EH/s today.

Daily miner revenue has fallen 44%, with older mining hardware now no longer able to keep up with newer products.

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