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Backpack opens claims process for former FTX EU users

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Crypto exchange Backpack has initiated the first phase of the claims process for former FTX users in Europe.

According to an April 1 announcement, users will need to create an account on the exchange, submit Know Your Customer information, and connect it to their FTX EU claim account.

Backpack has not set a deadline for this phase of the claims process and has yet to provide a timeline for when distributions will begin. Users will face a withdrawal fee of €5 ($5.39) for claims under €2,000 ($2,158) and 0.25% for amounts above it.

Source: Armani Ferrante

Backpack acquired FTX EU in January 2025 to offer crypto derivatives, including perpetual futures, throughout Europe. The acquisition marked the end of a lengthy battle to buy the European arm of the bankrupt exchange.

Backpack CEO Armani Ferrante said at the time of the acquisition that the company was committed to returning FTX EU funds as fast and as safely as possible.

FTX creditor activist Sunil Kavuri told Cointelegraph in January 2025 that the sale of FTX EU to Backpack added “further confusion and nervousness among FTX EU customers and the repayment of their funds.”

“Some FTX EU customers signed up to these distributors, and they are confused about who will be distributing their funds back to them — Backpack, Kraken or Bitgo,” Kavuri said at the time.

Related: FTX’s 2-year repayment delay is a ‘win,’ claims trader who predicted FTX’s collapse

Details on the first part of the claims process

For distribution amounts, the FAQ page on Backpack’s website states that all positions were closed using market prices at the time the exchange was shut down, and each was settled in euros.

Furthermore, users with pending cryptocurrency withdrawals on Nov. 11, 2022, should have filed a claim in FTX’s US bankruptcy proceedings. Such users may be eligible to receive distributions from the FTX Recovery Trust, which Backpack is not involved with.

Additionally, EU residents who signed up for FTX before March 7, 2022, are not considered FTX EU customers and should file their claims with FTX International, not Backpack.

FTX Estate’s next round of distributions on May 30

FTX Digital Markets, separate from FTX EU, distributed its first round of reimbursements on Feb. 18, with exchanges BitGo and Kraken facilitating the distributions. That first round of reimbursements went to “Convenience Class” members, those with claims under $50,000. 

The next round of reimbursements tied to FTX’s US bankruptcy proceedings is set to go out on May 30 and includes creditors under Class 5 Customer Entitlement Claims and Class 6 General Unsecured Claims. FTX is expected to use $11.4 billion to make the payments

Magazine: The $2,500 doco about FTX collapse on Amazon Prime… with help from mom

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How to mine Bitcoin at home in 2025

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Key takeawaysLottery mining is cheap and fun, but don’t count on hitting a block.Solo ASIC mining gives you complete control, but it’s a long-odds game.Pool mining is the most practical way to earn steady payouts at home.Cloud mining saves you the hassle but usually isn’t worth the cost.

Bitcoin is rapidly gaining legitimacy, and you couldn’t be blamed for wanting to peek behind the curtain to see how it’s made.

Throughout 2024 and into 2025, you’ve seen a whirlwind of institutional investment from companies like Strategy, which continues to aggressively accumulate Bitcoin (BTC), and Metaplanet, Japan’s listed company that recently adopted BTC as a treasury reserve asset. 

Moreover, on the regulatory front, the return of a US President Donald Trump administration signals a friendlier stance toward crypto, with talk of rolling back SEC overreach and possibly supporting US-based mining

Across the Atlantic, the MiCA (Markets in Crypto-Assets) regulation has gone into effect in the EU, offering clearer guidelines and reducing regulatory uncertainty for retail investors and miners alike.

Then there’s the price. Bitcoin finally broke the long-anticipated $100,000 resistance level in early 2025, following a post-halving supply shock and increased ETF-driven demand. As institutions pour in and supply tightens, more individuals are re-evaluating how to get involved.

Whatever your motivation, one thing’s certain: You want to mine from the comfort of your home. 

This article will explain four realistic ways to mine Bitcoin at home in 2025, what gear you’ll need, how much it might cost, and what kind of returns you can expect.

Did you know? Bitcoin mining has developed into a sizable industry, with revenues growing by over 6,700% from 2021 to 2025. 

Option 1: Lottery mining – Low power, high risk, rare rewards

If you’re working with a limited budget but still want to try Bitcoin mining, lottery mining offers an interesting — if highly unpredictable — way.

In July 2024, a solo miner using just three TH/s of hash power — roughly what you’d get from two small USB devices — successfully mined an entire Bitcoin block. The reward was 3.192 BTC, worth over $200,000 at the time. Statistically, that kind of result should take thousands of years. But with some luck and help from the Solo CKPool platform, it actually happened.

These wins are extremely rare, but they do happen. And that’s what keeps some people interested.

Most lottery miners use small, low-power devices like the Bitaxe HEX, an open-source miner built with actual Antminer chips. It runs at around three TH/s, costs about $600 and pairs easily with a Raspberry Pi. Another popular option is the GekkoScience R909, a USB miner running at 1.5 TH/s and a favorite among hobbyists. 

These devices aren’t built for steady income. They’re closer to digital slot machines, but ones that still contribute to securing the Bitcoin network.

So why do people do it?

Three main reasons:

Running an independent node supports the health and resilience of the Bitcoin network.It’s a good way to get familiar with how mining works.A single successful block can be worth a lot, and it’s all yours if it happens.

For most, it’s not about making money. It’s about the challenge and the curiosity, like building a custom PC or restoring a vintage radio. And yes, it also looks great plugged in on a shelf, blinking quietly under a glowing Bitcoin lamp.

Next up: ASICs, the heavy-duty hardware of serious miners.

Did you know? Solo CKPool is designed for independent miners who want to submit their shares directly to the Bitcoin network. Unlike traditional mining pools, if you’re successful here, the entire reward goes to you (minus a small pool fee). There’s no revenue sharing, no splitting blocks.

Option 2: ASIC mining – Solo mining with real hardware

If lottery mining is like buying a single ticket and hoping for a lucky break, solo mining with an ASIC is showing up with a small stack. Your chances improve, but it’s still a long shot.

ASICs — application-specific integrated circuits — are purpose-built for Bitcoin mining. In 2025, high-end models like the Antminer S21 Hydro deliver impressive performances, reaching around 400 terahashes per second with improved energy efficiency over previous generations.

Let’s look at the numbers.

The Bitcoin network currently runs at around 500 exahashes per second. With one S21 Hydro, you’d control roughly 0.00008% of the total hashrate. That gives you odds of about one in 8.6 billion of finding a block on any given day. It’s still extremely unlikely, but it’s far better than what you’d get with low-power USB miners.

To meaningfully improve your chances, you’d need to scale up.

Running 20 ASICs could put you past eight petahashes per second, enough, in theory, to find a block about once a year. But that setup requires significant capital, proper ventilation or immersion cooling and a reliable energy supply. Even then, outcomes are unpredictable. The Bitcoin network might find several blocks in an hour or none at all.

Still, some miners go this route. The appeal is simple: If you do find a block on your own, you keep the entire reward, currently over three BTC, plus transaction fees. There is no need to split the payout with anyone else.

But for most people, even those with top-tier ASICs, solo mining remains a high-risk approach with uncertain rewards.

Did you know? The cost of the latest mining equipment has significantly decreased, with prices around $16 per terahash in 2025, compared to $80 per terahash in 2022, enhancing mining efficiency.

That’s why many home miners eventually turn to a more consistent and scalable model:

Joining a mining pool.

Option 3: Pool mining – Strength in numbers

If solo mining is a long shot, pool mining is the practical alternative. It’s how most home miners approach Bitcoin mining in 2025 – and with good reason.

By joining a mining pool, you combine your hashrate with thousands of other participants. When the pool successfully mines a block, the reward is split based on each miner’s contribution. You’re no longer chasing a rare solo win, but earning smaller, steady payouts. It’s more predictable, less risky and not so dependent on luck.

For example, if you’re running an Antminer S21 Hydro at 400 TH/s, that hash power earns you a proportional share of the pool’s rewards. You’ll likely see consistent daily income tied directly to your contribution.

The largest pools today — Foundry USA, Antpool, ViaBTC, F2Pool — handle thousands of blocks every month. Many offer FPPS (Full Pay Per Share) models, where you’re paid for every valid share you submit, regardless of whether a block is found that day. 

Others use PPLNS (Pay Per Last N Shares), which only pays out when a block is discovered, but can result in slightly higher returns over time. The choice depends on how much payout fluctuation you’re comfortable with.

Setting things up is straightforward:

Create an account with your chosen pool.Point your ASIC miner to the pool’s server.Add your Bitcoin payout address.Monitor your stats from the pool’s web dashboard.

The returns won’t be massive, but they’ll be consistent, and for many miners, that’s exactly the goal.

But what if you want to skip the hardware, the setup and the electricity costs altogether? What if you want exposure to mining without running a machine?

That’s where cloud mining comes in.

Option 4: Cloud mining – Mining without the machines

Cloud mining lets you rent hash power from a remote provider, who runs the hardware on your behalf. You don’t have to manage equipment, deal with heat or noise, or worry about electricity costs. You simply buy a contract, and if all goes well, you will receive a portion of the mining rewards.

On paper, it sounds straightforward. You select a provider, choose how much hash power you want to rent, and pay either upfront or through a subscription. The provider takes care of the infrastructure, including maintenance and cooling. In return, you earn a share of the Bitcoin mined, proportional to your rented power.

But there are trade-offs – and risks.

Cloud mining has gained a mixed reputation. Over the years, the space has been flooded with questionable operators, unrealistic return promises and outright scams. Many contracts turn out to be unprofitable once you factor in service fees, maintenance costs and the increasing difficulty of mining. You’re effectively trusting a third party to operate machines you’ll never see.

That said, there are a few reputable providers. Platforms like NiceHash, BitDeer and ECOS have remained active in the space and offer flexible, transparent options. Some let you choose specific coins or pools. Still, even with these more established names, margins tend to be very thin, especially during bear markets or when global hashrates spike.

Cloud mining may be worth considering if:

You have limited access to cheap electricity or space for equipment.You’re looking for a low-effort way to get exposure to mining.You view it more as a speculative bet than a reliable income stream.

However, if your goal is consistent returns or hands-on experience, then running your own gear or just buying and holding Bitcoin is likely a better use of resources.

The bottom line

There’s no single right way to mine Bitcoin at home in 2025. It comes down to what you’re after. Lottery mining is fun and cheap, but the odds are long. Going solo with an ASIC gives you full control and full risk. Mining pools are the go-to for steady, reliable payouts. Cloud mining offers convenience but not much certainty.

If you’re in it for the learning, the experience, or to slowly stack sats over time, there’s a setup that’ll fit. Just know what you’re getting into and why you’re doing it. 

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SEC and Binance push for another pause in lawsuit after 'productive' talks

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The US Securities and Exchange Commission (SEC) and crypto exchange Binance have asked a US federal judge for an additional two-month pause in their nearly two-year legal battle.

“Since the Court stayed this case, the Parties have been in productive discussions, including discussions concerning how the efforts of the crypto task force may impact the SEC’s claims,” the SEC and Binance said in an April 11 joint status report with the US District Court for the District of Columbia.

SEC requests Binance to agree to the extension

According to the filing, the SEC requested that Binance agree to another 60-day extension as the regulator continues to seek permission to “approve any resolution or changes to the scope of this litigation.”

The request comes not long after the SEC dropped a string of crypto-related lawsuits against crypto exchanges Coinbase, Kraken, and Gemini, as well as Robinhood and Consenys.

At the end of the 60-day period, the SEC and Binance plan to submit another joint status report. This marks the second 60-day pause the SEC and Binance have requested this year, following a previous extension granted by the judge on Feb. 11.

The recently launched crypto task force was a key reason behind the request for the second extension. Source: CourtListener

The request in February came just days after crypto skeptic Gary Gensler stepped down as SEC chair on Jan. 20, with crypto-friendly SEC commissioner Mark Uyeda taking over as acting chair.

At the time, the SEC and Binance also cited the establishment of the SEC’s Crypto Task Force as a reason for the pause.

Related: Crypto Biz: Ripple’s ‘defining moment,’ Binance’s ongoing purge

Formed just a day after Gensler resigned on Jan. 21, the task force said it aims to “help the Commission draw clear regulatory lines, provide realistic paths to registration, craft sensible disclosure frameworks, and deploy enforcement resources judiciously.” 

The SEC’s legal battle with Binance has dragged on for nearly two years, beginning in June 2023 when the agency filed a lawsuit against Binance, its US platform, and CEO Changpeng “CZ” Zhao.

The US regulator pressed 13 charges against Binance, including unregistered offers and sales of the BNB and Binance USD tokens, the Simple Earn and BNB Vault products, and its staking program.

Magazine: Memecoin degeneracy is funding groundbreaking anti-aging research

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Justin Sun 'not aware' of circulating reports about CZ plea deal

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Tron founder Justin Sun says he’s unaware of the recent rumors surrounding former Binance CEO Changpeng “CZ” Zhao, following reports alleging that Zhao provided evidence against him as part of his plea deal with the US Department of Justice (DoJ).

“I’m not aware of the circulating rumors. CZ is both my mentor and a close friend,” Sun said in an April 11 X post.

Sun brushes off CZ rumors

“He has played a crucial role in supporting me during my entrepreneurial journey,” Sun added.

Sun’s X post came just hours after speculation grew over an April 11 Wall Street Journal report, which alleged that Zhao agreed to provide evidence on Sun as part of his plea deal, citing sources familiar with the matter.

Source: db

Zhao was sentenced to four months in prison in April 2024 for Anti-Money Laundering (AML) violations.

The report added, “that arrangement hasn’t previously been reported.”

Zhao hasn’t publicly addressed the reports at the time of publication, but the day before, he warned his 10 million X followers that he had been told a “baseless hit piece” about him was being written.

Sun commended Zhao’s integrity and said that the DoJ is one of T3 Financial Crime Unit’s (T3 FCU) — which Tron co-founded along with Tether and TRM Labs — “closest and most trusted partners.”

“To this day, his conduct and principles remain the highest standard I strive to follow as a founder,” Sun said of Zhao. Sun added:

“Whether it’s CZ or our partners at the DOJ, we maintain direct, honest communication at all times. I have full trust in each and every one of them.”

Zhao walked free from a US federal prison on Sept. 27. With a reported net worth of approximately $60 billion at the time, Zhao is the wealthiest person ever to serve a prison sentence in the US.

Source: Justin Sun

Meanwhile, on Feb. 26, the US Securities and Exchange Commission and Sun asked a federal court to pause the regulator’s case against the crypto entrepreneur to allow for settlement talks.

In March 2023, the SEC sued Sun and three of his companies, the entity behind Tron, the Tron Foundation and the file-sharing platform backers the BitTorrent Foundation and its San Francisco-based parent firm, Rainberry Inc.

Cointelegraph reached out to the US Department of Justice but did not receive a response by time of publication.

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