Crypto Mining Giant Bitmain Reports 88% Decline in Bitcoin Mining Power

Crypto Mining Giant Bitmain Reports 88% Decline in Bitcoin Mining Power

Beijing-based crypto mining rig manufacturing giant, Bitmain, recently reported that its internal Bitcoin and Bitcoin Cash mining operations have generated 88% less computing power compared to a month ago. The major cutdown has been revealed by the company in its monthly hashing power disclosure. As per the hashing power disclosure, on May 7th, the hash rate of all Bitcoin and Bitcoin Cash mining hardware which are running on the SHA265 chips has dropped significantly. Comparing…

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Brazilian Police Clamps Down on a Bitcoin Money Laundering Group, Seizes High-End Mining Equipment

Brazilian Police Clamps Down on a Bitcoin Money Laundering Group, Seizes High-End Mining Equipment

Bitcoin and other virtual currencies have been featured extensively in the news, relating to one criminal act or the other. Being a highly sophisticated and privacy-oriented currency, money launderers and cybercriminals have turned to this new found digital currency as a hideout from suspecting eyes. While some of these swindlers demand virtual assets as a ransom or payment, others use it to fund criminal activities and terrorist groups. In the news today is a suspected…

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Microsoft Korea: Crypto Mining Attacks Are on the Rise

Microsoft Korea: Crypto Mining Attacks Are on the Rise

According to a new Microsoft Security Intelligence Report by the company’s South Korean arm, cyberattacks have been increasing steadily in Korea and other countries around the world. Apart from phishing attacks, supply chain attacks and cryptocurrency mining malware have become the most common cyberattacks that the majority of the users are facing today. South Korea has relatively low cyberattack threats compared to other parts of the world. However, Microsoft Korea is urging individuals and organizations…

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Chinese Construction Company Huatie HengAn Sold at 90% Loss after Secretly Mining Crypto

Chinese Construction Company Huatie HengAn Sold at 90% Loss after Secretly Mining Crypto

Huatie HengAn, a Chinese construction company (and a subsidiary of Huatie) that shifted to crypto mining, was recently sold for only $2 million after having a valuation of $25 million last year, according to Chinese crypto media outlet 8BTC. But what caused this 90% plunge in value? Huatie HengAn was originally a construction company before it decided to try its hand in the crypto space. Huatie HengAn apparently purchased 36,500 “servers” or hardware units from…

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Romanian “Bayrob Group” Cybercriminals Convicted in Ohio after 12-Year Scam

Romanian “Bayrob Group” Cybercriminals Convicted in Ohio after 12-Year Scam

According to a press release by the Department of Justice (DoJ), a federal jury in Ohio convicted two Romanian cybercriminals on 21 counts for infecting over a hundred thousand of computers in the U.S. with malware and duping victims out of millions of dollars. On Thursday, April 11, a federal jury declared two cybercriminals from Bucharest, Romania to be guilty of their involvement in a nefarious scheme in which malware was used to hijack the…

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Firefox Adds Option to Block Behind-the-Scenes Crypto-Mining by Malicious Websites

Firefox Adds Option to Block Behind-the-Scenes Crypto-Mining by Malicious Websites

Crypto mining is the process in which transactions of various kinds of cryptocurrencies are verified and added to that cryptocurrency’s blockchain. It is an inherently expensive job as the processor inside of your GPU or CPU has to solve complex mathematical problems as fast as possible in order to increase the revenue; which means that mining requires an investment of funds to purchase well-performing computer hardware. Unless, of course, you can steal other people’s processing…

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Crypto Mining Giant Bitmain Presents New CEO; Admits IPO Is Dead

Crypto Mining Giant Bitmain Presents New CEO; Admits IPO Is Dead

Bitmain, the cryptocurrency mining equipment giant, has published a revealing post on their blog that talks about many rumors going around the community. In the post, Bitmain talks about how the bear market has affected their future plans, the changes they’ve had to make because of it and what their priorities are going forward. Furthermore, the post also confirms the replacement of Bitmain’s CEO and the expiration of its IPO filing to the Hong Kong…

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SBI Holdings Establishes a New Branch to Develop Efficient Mining Chips

SBI Holdings Establishes a New Branch to Develop Efficient Mining Chips

The questions regarding the daily usage of cryptocurrencies came into light due to the inefficient transaction validation techniques that were being used. This is when the developers get back to the drawing boards to come up with a more efficient method to verify cryptocurrency transactions. While the proof of stake did solve this issue (at least to a degree), it came at the cost of partial centralization as well as decreased security. Several other techniques…

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Missoula County Commissioners Want Cryptocurrency Miners to Shift to Renewable Energy Practices

Missoula County Commissioners Want Cryptocurrency Miners to Shift to Renewable Energy Practices

Cryptocurrency mining has been blamed for creating a huge electricity and energy crisis. According to some reports, by 2025 Bitcoin mining would require more energy than available on the planet. While these reports might be grossly exaggerated in most cases, the dramatic increase in energy demands is real for areas which have attracted mining operations due to favorable energy costs or colder weather. Large cryptocurrency operations are sure to leave a lasting impact on the…

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Bitmain Claims its New Miner Z11 Is 3x More Powerful Than its Predecessor

Bitmain Claims its New Miner Z11 Is 3x More Powerful Than its Predecessor

Bitmain, the Beijing-headquartered cryptocurrency mining giant, announced the release of its new miner that it claims is three times more powerful than its predecessor. The new device, named Z11, is aimed at mining virtual coins that are based on the Equihash proof-of-work algorithm. The privacy-focused altcoin ZCash (ZEC) is going to be one of the primary beneficiaries of this new all-powerful miner. Despite the current bear market having affected miners’ ability to invest in new…

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