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Japan: SBI Group Sets Up Spin-Off to Manufacture Crypto Mining Chips

SBI will consult with a mining electronics entrepreneur Adam Traidman after forming SBI Mining Chip Co., Ltd. Japanese financial giant SBI Group has created a dedicated subsidiary that will manufacture cryptocurrency mining chips, the company confirmed in a notice on March 22. SBI, which has launched spin-offs covering various aspects of the cryptocurrency industry, now says it wishes to expand its influence in the mining sector through the creation of SBI Mining Chip Co., Ltd. (SBIMC). The company will join industry stalwart manufacturers, chief among which is Bitmain, which released its latest product this week. “The SBI Group strongly promote [sic] on a wide range of businesses based on the digital asset, including cryptocurrency exchange business and other blockchain related businesses,” the notice reads, continuing: “The Group has practiced its cryptocurrency mining business [...] overseas and has now decided to expand its business scope to the manufacturing of mining chip itself..

Report: Bitmain Plans to Set Up 200,000 Crypto Mining Machines in...

Leading crypto mining hardware producer Bitmain is reportedly planning to install 200,000 units of mining equipment in China to benefit from cheap hydroelectric power. Cryptocurrency mining giant Bitmain is reportedly planning to set up 200,000 units of mining equipment in China to benefit from low-cost hydroelectric power in the country, crypto media outlet CoinDesk reported on March 21. A source from China familiar with the matter reportedly told CoinDesk that Bitmain will install 200,000 units of their own mining machines to take advantage of cheap hydroelectric power costs during the summer following the excessive rains in southwestern China. The mining equipment is estimated at around $80 million to $100 million. The crypto mining giant has reportedly entered into negotiations and started making deals with local mining farms to host its equipment. According to the source, Bitmain is looking to deploy its new machines like AntMiner S11 and S15 along with some older models like the..

BitDeer.com to Host Crypto Mining Industry Dialogue 2019 in Beijing

Beijing, China – On March 24, 2019, the world’s leading computing power-sharing platform BitDeer.com is hosting the very first Crypto Mining Industry Dialogue in Beijing, where mining elites unite to discuss, define, and create the future of cryptocurrency mining industry. Officially unveiled months ago during the bear market, BitDeer.com has remarkably achieved explosive growth and gathered immense popularity amongst global crypto mining enthusiasts. “As an active member and pioneer of the crypto mining industry, BitDeer.com is looking forward to facilitating dialogue between the industry leaders and giving back to the crypto mining community,” said Celine Lu, founder & CEO of BitDeer.com. “We are thrilled to host the first Crypto Mining Industry Dialogue event in Beijing, and hopefully a few more in China and all over the world.” The one-day event will feature an all-star speaker lineup of prominent cryptocurrency mining experts and industry opinion leaders, covering a wide range of ..

Israeli Bank Policy Should Not Have Shut Down Bitcoin Mining Firm’s...

A judge in Tel Aviv has delivered a mixed verdict as part of a case involving Israminers and Union Bank. An Israeli court has ruled in favor of a Bitcoin (BTC) mining company after a local bank closed its account over money laundering concerns. Israeli daily business news outlet Calcalist reported the development on March 17. Israminers, which sued Bank Igud (the Union Bank of Israel Ltd.) in May 2018, had faced problems with cash flow due to the bank blocking deposits which it said was against its terms. Following a lengthy appeals process, a Tel Aviv district court judge argued that the bank’s policy on cryptocurrency clients was too broad, and should not include automatic rejections. “I believe that the sweeping policy, which does not distinguish between different types of activity, scope of activity and different types of customers — in the field of digital currencies — is unreasonable,” Calcalist quoted judge Limor Bibi as saying. At the same time, however, Bibi said banks were w..

Businesses Increasingly See Crypto Mining Attacks in Cloud Infrastructures

American telecoms firm AT&T said that businesses are more seeing crypto mining attacks despite the ongoing bear market. Cryptocurrency mining is reportedly one of the most observed objectives of hackers attacking businesses’ cloud infrastructures, according to a report by AT&T Cybersecurity on March 14. The cybersecurity wing of United States telecoms firm AT&T stated that organizations of all sizes continue to face major crypto mining attacks despite the ongoing bear market. In the new report, AT&T examined the most significant forms of cryptojacking associated with mining attacks on organizations’ cloud infrastructure. AT&T outlined four major cryptojacking tactics used by hackers such as compromising container management platforms, control panel exploitation, theft of application programming interfaces (APIs), as well as spreading malicious Docker images. Container management is a major process deployed by enterprise systems, which includes all necessary components to run software,..

As ProgPoW Aimed at Stopping ASIC Mining Gets Supporting Votes, New...

Despite the large number of opponents and rumors of collusion between Ethereum developers and GPU producers, the ProgPoW algorithm has been supported by 94 percent of the community. Ethereum (ETH) network users have unanimously supported the ProgPoW algorithm, which is expected to make the platform resistant to application-specific integrated circuit (ASIC) miners. Initially, opponents of the update prevailed over supporters by a margin of 96 percent, according to a Cointelegraph report on Feb. 15. The current scenario is exactly opposite, with 94 percent of voters favoring the implementation of ProgPoW, as evidenced by the Etherchain charts. What is ProgPoW?Simply put, ProgPoW is a version of the proof-of-work (PoW) algorithm, which is supposed to smooth the transition of the Ethereum network to proof-of-stake (PoS). As a part of this process, developers are exploring and proposing different solutions to fight off the mining difficulty bomb and make the network stable and resistant t..

Ethereum User Who Accidentally Paid $365,000 Fee Splits Loss With Mining...

The agreement came following communication between the sender and Sparkpool regarding three transactions. Ethereum (ETH) mining pool Sparkpool confirmed it had come to an arrangement with a user who accidentally sent it over $300,000 in mining fees on March 11. The mix-up, which occurred on Feb. 19, involved an Ethereum user apparently confusing the fields required to send an ETH transaction. Three transactions broadcast to the Ethereum network with a combined total mining fee of 2,730 ETH (currently worth about $365,800). While the circumstances behind the event remain unknown, Sparkpool subsequently agreed to refund half of the the 2,100 ETH mining fee, which represented the largest of the three transaction fees. The refund amount came from a suggestion by the sender, who wished to thank the pool’s developers for assistance in recovering the funds. “Thank you SparkPool and your miners for helping us to recover our loss, we are willing to share half of 2100 ETH with the miners to tha..

Mining Giant Canaan Seals ‘Hundreds of Millions of Dollars’ in New...

The mining giant has yet to confirm the news officially, which appeared in a Chinese finance newspaper. Chinese cryptocurrency mining manufacturer Canaan Creative has completed a multimillion-dollar funding round, local finance news outlet Securities Times reported on March 11. Canaan, which has not officially confirmed the report, is rumored to have raised an unspecified sum from as yet unknown backers. The size of the investment, according to the Times, which cites “informed sources,” lies in the hundreds of million of dollars, while the company’s worth is reportedly now in the billions of dollars. “From the point of view of market capitalization, after the current round of financing, Canaan’s valuation is worth billions of dollars,” the publication added, likewise without naming specific figures. The cash injection comes at a timely juncture for the cryptocurrency mining industry. As Cointelegraph reported in November, the market, led by fellow Chinese stalwart Bitmain, has suffere..

Former Iced Tea-Turned-Bitcoin Mining Firm Sells Beverage Business

Long Blockchain, previously named Long Island Iced Tea, reached an agreement to sell its ready-to-drink tea business to Canadian firm ECC2 Ventures. Long Blockchain, previously named Long Island Iced Tea, has reached an agreement to sell its ready-to-drink tea business to Canadian firm ECC2 Ventures. The deal is documented in a Securities and Exchange Commission (SEC) document filed on March 6. At the beginning of 2018, the company had rebranded from Long Island Iced Tea to Long Blockchain, seeing a 500 percent jump in shares, noting that it hoped to raise money to purchase Bitcoin (BTC) miners. In August 2018, the company announced that it had again changed its line of business — the initial iced tea business to cryptocurrency — and was going to also focus on loyalty schemes that also leveraged digital ledger technology. The former iced tea company is being sold for a combination of cash and shares, and ECC2 is seeking to raise $2 million to close the deal. As Cointelegraph reported ..

Majority of 400 Vulnerable Docker Servers Found to Be Mining Monero,...

Hundreds of vulnerable servers on software Docker were seemingly running Monero mining software. About 400 servers running virtualization software Docker were found to be vulnerable to outside exploitation. Most of them were seemingly running Monero (XMR) mining software, cybersecurity company Imperva reports on March 4. A misconfiguration of the vulnerable Docker hosts permits public access to the Docker API, which should only be locally accessible. This misconfiguration, combined with a newly discovered vulnerability, allows attackers to obtain administrator rights on the server and install software of their choice. Since a hacker could install any software this way, the vulnerability doesn't only permit cryptojacking, but also the installation of any other malware or use of the hosts to carry out any kind of attacks. Researchers at Imperva claim to have found 3,822 misconfigured hosts (with the API exposed), of which about 400 were actually accessible. The report notes: “We fo..
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