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Despite Bear Market, Crypto Mining Malware Tops Threat Index for 13th...

Three strains of crypto mining malware have topped the latest Global Threat Index from Israeli cybersecurity firm Check Point. Three strains of crypto mining malware have topped the latest Global Threat Index from Israeli cybersecurity firm Check Point, according to a press release published on Jan. 14. Check Point Software Technologies Ltd. is a security solution provider for governments and enterprises globally, with over 100,000 organizations reported to be currently using its security management system. As reported, stealth crypto mining attacks — also known as cryptojacking — work by installing malware that uses a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge. According to Check Point’s Global Threat Index for December 2018, the top three most wanted malware strains were all cryptojacking-related — with Coinhive, a web browser-based Monero (XMR) mining code — sealing the top spot for the 13th consecutive month. Ranked second and..

Mining Giant Bitmain Reportedly Suspends Mining Operations in Texas

China-based leading mining and ASIC hardware producer Bitmain has reportedly suspended its mining operations in Rockdale. China-based leading mining and mining ASIC hardware producer Bitmain has reportedly suspended its mining operations in Rockdale, public radio station Texas Public Radio reports on Jan. 10. Rockdale is located in Milam County, east of Austin, in the United States state of Texas. Steve Young, a Milam County Judge, issued a statement reporting that all Bitmain employees but two engineers and the director of human relations had been laid off, and all operations had been suspended. According to the article, Young said later that the company told him Bitmain will scale down the operation rather than shut it down, now working with only five employees instead of 15. Young reportedly stated: “They have spent millions thus far to renovate the buildings. [...] I’m told there are 7,000 or 8,000 servers out there already.” According to the aforementioned article, Young cited th..

Overview of the Crypto Mining Industry in 2018: Will the Struggles...

Major mining conglomerates in the crypto sector recorded large losses, struggling to deal with market conditions. 2018 has been a difficult year for Bitcoin and crypto miners. Some of the largest multi-billion dollar businesses in Asia recorded losses in the range of hundreds of millions of dollars. As Japanese internet conglomerate GMO and the industry’s largest mining equipment manufacturer, Bitmain, reportedly struggled throughout the year, the entire sector is said to have ended the year with significant losses, following the trend of the two companies. $320 million loss for GMOGMO, one of the most influential internet companies in Japan, recorded a loss of over $320 million in the fourth quarter of 2018. Following what the company described as an “unexpected loss,” the firm officially pulled out of its mining business. In June, the Japanese company allocated around 10 percent of the firm’s capital and resources to engage in an ambitious mining venture with the vision of competin..

Cryptocurrency Mining is an Environmental Catastrophe — But There’s a Way...

This is a submitted sponsored story. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the content below. Bitcoin mining wastes more energy than mining for gold. Now we can harness that energy for good. Cryptocurrency energy usage is enormous, and so is its carbon footprint. Now, a new study puts the environmental impact of the crypto mining industry into perspective by comparing it to the energy it takes to mine for precious metals — and the findings are shocking. The study found that mining for major cryptocurrencies like Bitcoin uses more energy than conventional mining for gold — up to three times as much. The study is the first to draw a direct comparison between mining one dollar worth of Bitcoin and mining one dollar of gold and the ugly truth is that Bitcoin needs a staggering amount of electricity just to keep pace. The trouble is, for the most part, this energy isn’t coming from clean sources. Most of i..

Despite Reporting Revenue Losses, GMO Internet’s Crypto Mining Rewards Soar

Japan’s GMO Internet Group has confirmed it took a steep hit in overall mining revenue, but saw an increase in monthly BTC mining rewards. Japanese IT giant GMO Internet Group has published the latest monthly disclosure on its in-house crypto mining operations, confirming that it took a steep hit in overall mining revenue. GMO released the disclosure in a publicly available document on Jan. 8, also revealing a steady increase in its monthly Bitcoin (BTC) mining rewards. As previously reported, GMO’s consolidated losses for Q4 2018 totalled 35.5 billion yen ($320 million), with its unconsolidated loss tallying at around 38 billion yen ($334.5 million). As a result, the firm announced it would be shutting down its hardware manufacturing business, but would nonetheless continue its in-house mining operations. These latter will be reportedly subject to restructuring, with plans to relocate GMO’s mining center to a region with lower-cost electricity supplies. As revealed in GMO’s latest mo..

Hong Kong Entrepreneur Accused of Cheating Investors in Crypto Mining Investment...

A Hong Kong-based entrepreneur has been accused of duping numerous investors in a cryptocurrency mining hardware investment scheme. A Hong Kong-based entrepreneur has been accused of duping numerous investors in a cryptocurrency mining hardware investment scheme. A local English-language newspaper South China Morning Post (SCMP) reported the news Jan. 6. The Democratic Party — currently the second-largest political party in the Legislative Council of Hong Kong — has reportedly received over 20 complaints since October 2018 in regard to the scheme, allegedly spearheaded by a 24-year old businessman named Wong Ching-kit. Four of those affected, who are reported to have suffered losses of between HK$20,000 and HK$1 million ($2,500 - $127,600) each — a combined loss of about HK$3 million ($383,000) — have now demanded a full refund on their investments, according to SCMP. A police spokesman is further cited by SCMP as reporting that 9 individuals, aged 29-41, had previously lodged complai..

Japan: E-commerce Giant DMM Shutters Crypto Mining Business Due to Declining...

Japanese e-commerce conglomerate DMM.com Ltd. will shut down its crypto mining business, citing deteriorating profitability. Japanese e-commerce conglomerate DMM.com Ltd. will shut down its crypto mining business, citing deteriorating profitability as the main cause. Local business magazine Toyo Keizai reported the shutdown on Dec. 30. The decision was reportedly taken in September 2018, and initial steps to dismantle mining operations — including selling the company’s mining hardware — will reportedly extend over the first half of 2019. DMM.com, which has over 27 million clients for its e-commerce business, first announced its entry into the crypto mining business in September 2017, with a focus on mining major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). As of February this year, the company has operated a large-scale mining farm in the city of Kanazawa. By April, DMM had even planned to open a showroom for its mining operations, intending to open acces..

Government of Abkhazia Cuts Off Power to 15 Cryptocurrency Mining Facilities

The government of Abkhazia has cut off power to 15 crypto mining farms due to concerns over electricity consumption. The government of the Republic of Abkhazia has cut power to some cryptocurrency mining farms due to electricity concerns, state electric utility Chernomorenergo RUE announced in a Facebook post on Dec. 31. Per the announcement, Chernomorenergo cut power to 15 facilities with a total capacity of 8,950 kilowatt-hours (kWh), which is purportedly equivalent to the electricity consumption of 1,800 households. The cuts were made as part of a series of “temporary measures to limit the consumption of electricity by certain categories of subscribers." Chernomorenergo also notes that, following the cuts, owners of the mining farms showed understanding and collaboration. Regulators worldwide have expressed concerns over the cryptocurrency mining industry’s electricity consumption. In November, Norway ended electricity subsidies for Bitcoin (BTC) mining facilities. Parliamentary Re..

Following Crypto Mining Crash, GPU Producer Nvidia Worst Performer in S&P...

Taiwan-based GPU producer Nvidia is the S&P 500’s worst performer in Q4 2018, as crypto mining sales have all but disappeared. The drastic decrease in crypto mining profitability has hit graphics processing unit (GPU) producers like Taiwan-based Nvidia hard. In Q4 2018, the firm experienced a massive sell-off of its shares, cutting the stock price by 54 percent and making it the worst performer in the S&P 500, CNBC reports on Dec. 21. From 2016 to September 2018, Nvidia’s market value markedly increased from $14 billion to $175 billion as demand for its GPUs in artificial intelligence (AI) and cryptocurrency mining grew. In May, the firm reported its profits from crypto mining for the first time while forecasting a two-thirds drop in sales to miners for Q2. Nvidia initially forecasted insignificant crypto mining-related sales in Q3, while the quarterly report in November revealed that GPU sales for blockchain-related applications had all but disappeared. Nvidia CEO Jensen Huang said t..

Mining ASIC Producer Ebang Reports ‘Significant Decreases’ in Revenue From July-September

Cryptocurrency mining hardware producer Ebang has suffered “significant decreases” in revenue in the second half of 2018. Ebang, a crypto mining ASIC hardware producer, has suffered “significant decreases” in revenue in the second half of 2018. This development was reported in documents submitted by the company to the Hong Kong Stock Exchange (HKEX) on Dec. 20. HKEX only requires the financial period reported by IPO applicants not to end more than six months from the day of the listing document. Following this requirement, Ebang included its financial information until the end of June 2018 in the draft documents submitted to launch its IPO. According to the data contained in the document, Ebang saw 2.1 billion yuan ($30 billion) in revenue for the first six months of this year. In 2017, during the same period, the company reported about eight times less income. However, in a section of the report titled “Material adverse change,” the company states: “We experienced significant decreas..
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