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How Crypto Market Fall Influences Mining Hardware Sales and Producers’ Revenues

Mining hardware manufacturers invent new ways to increase their competitiveness and tackle miners’ interest decline as September was the first month when private miners’ profits went into the negative. A year long bear crypto market appears to have had a negative impact on the profitability of cryptocurrency mining. In spite of this, Bitcoin miners still managed to generate $4.7 billion in profit in the first six months of 2018. Constantly growing competition between big mining pools and the increasing difficulty of Bitcoin’s algorithm make getting the first cryptocurrency less profitable and weight the scales against small players. Miners shut off their machines, and card manufacturers suffer losses. In particular, AMD representatives, whose last quarter fiscal report, published on Oct. 24, demonstrated that revenues from the sale of mining Graphics Processing Units (GPUs) were “negligible.” Presumably, Nvidia and Bitmain could also be in the same predicament and at this point, inves..

Fast and Furious: Mining Pool Offers ‘One of the Fastest Engines’...

sponsored The new engine provides the industry-best hash rate for Monero, states the company. On Nov. 14, MinerGate, a top-tier mining pool platform with 3.5 million users worldwide, has released the final version of their xFast Miner engine. As Claude Lecomte, the CEO and Founder of MinerGate reported to Cointelegraph, the brand new version of the engine has significantly increased the level of performance and functionality of the platform. According to the company’s website, MinerGate provides miners with a high-quality merged-mining service, with 99.97 percent uptime, withdrawal amounts starting from 0.01 coins, and convenient smart mining features. New engine, faster than everIn the latest xFast Miner’s version, MinerGate has noticeably increased the mining speed for each of the 11 supported cryptocurrencies - including BTC, BTG, ZEC, XMR, and others - that can be mined with the app. Therefore, the new engine is capable of boasting a performance improvement of “up to 20 percent i..

BitMEX Analysts: Both Camps in BCH ‘Hash War’ Are Mining at...

Both opposing camps in the so-called Bitcoin Cash "hash war" are mining at a hefty loss, according to estimates from BitMEX. In the aftermath from yesterday's Bitcoin Cash (BCH) hard fork, both opposing camps in the so-called "hash war" are mining at a hefty loss, according to a tweet from the research arm of Hong Kong-based crypto derivatives platform BitMEX today, Nov. 16. On Nov. 5, BitMEX Research announced it would be launching a network monitoring tool for both Bitcoin (BTC) and Bitcoin Cash (BCH), specifically in preparation for the widely-anticipated BCH hard fork Nov. 15. As previously reported, disagreements over a proposed network upgrade have split the BTH community into opposing factions, resulting in an intense "hash war" between miners. The two most vehemently opposed camps are Bitcoin ABC — favored by “Bitcoin Jesus” Roger Ver — and Bitcoin SV (“Satoshi’s Vision”), led by self-proclaimed Bitcoin (BTC) inventor Satoshi Nakamoto, Craig Wright. A third, more “neutra..

Bear Market and Declining Hashrates Mean Mining ETH No Longer Profitable,...

Susquehanna’s analysts say that due to the slump in crypto markets and declining network hashrates, mining Ethereum using a GPU is no longer profitable. Mining Ethereum (ETH) using a graphics processing unit (GPU) is no longer profitable, according to an analysis from U.S.-based global trading and technology firm Susquehanna. CNBC reported Nov. 13 on Susquehanna’s findings, which point to the protracted slump in crypto markets and declining network hashrates as reasons for the profit decrease. In Susquehanna’s analysis, profit per month for ETH miners using GPU-based setups hit a round $0 as of Nov. 1 this year, down from almost $150 in July 2017. Susquehanna notes the decline in Ethereum’s price as a major factor, with the altcoin currently trading at $204, down almost 85 percent from its record-high of around $1,350 in mid-January 2018. Notably, however, on July 17, 2017, when Susquehanna’s figures indicate a $147 profit for GPU-reliant miners, the asset was trading at around $175, ..

New Linux-Targeting Crypto-Mining Malware Combines Hiding and Upgrading Capabilities

New Linux-targeting crypto-mining malware is able to upgrade itself and hide from being detected, cybersecurity firm Trend Micro reports. Japanese multinational cybersecurity firm Trend Micro has detected a new strain of crypto-mining malware that targets PCs running Linux, according to a report published Nov. 8. The new strain is reportedly able to hide the malicious process of unauthorized cryptocurrency-mining through users’ CPU by implementing a rootkit component. The malware itself, detected by Trend Micro as Coinminer.Linux.KORKERDS.AB, is also reportedly capable of updating itself. According to the report, the combination of hiding and self-upgrading capabilities gives the malware a great advantage. While the rootkit fails to hide the increased CPU usage and the presence of a running crypto-mining malware, it is also improved by updates, which can completely repurpose the existing code or tools by editing a few “lines of code,” the report notes. The new crypto-mining malware st..

Mining Giant Bitmain Sues Unknown Hacker for Alleged Theft of $5.5...

Bitman sues unknown hacker who allegedly stole $5.5 million worth of crypto by using Binance and Bittrex wallets for manipulation of MANA token. China-based Bitcoin (BTC) mining giant Bitmain has sued an anonymous hacker for the alleged theft of cryptocurrency worth $5.5 million from Bitmain’s account on Binance in April, according to a lawsuit filed with the U.S. District Court for the Western District of Washington at Seattle on Nov. 7. As stated in the court document, an unknown hacker, referred to as “John Doe” in the case, managed to take over Bitmain’s Binance account and used stored Bitcoin to manipulate the price of altcoin Decentraland (MANA) and then steal the profits. Bitmain says in the court document that the amount of the company’s losses “exceeds” $5.5 million in “Bitcoin and other digital assets,” and specifying that the defendant was able to steal “approximately 617 BTC.” The document cites that the unauthorized action took place on April 22, when Bitcoin was trading ..

Canada’s DMG Blockchain Puts 85 Megawatt Crypto Mining Facility Into Operation

Canada-based blockchain and crypto company DMG Blockchain Solutions has energized most of its 85 megawatt crypto mining facility in British Columbia. Canadian blockchain and cryptocurrency company DMG Blockchain Solutions Inc. has energized its new crypto mining facility, according to an announcement published Nov. 8. DMG states that the facility will start at 60 megawatts, and can expand its capacity up to 85 megawatts. DMG Blockchain Solutions initially revealed its plans to launch the station in July, stating that their crypto mining operation will be implemented on an industrial scale with direct support from the local government and electricity providers. The station will purportedly increase DMG’s hosting capability by more than 20 times. Per the recent statement, the 27,000 square foot crypto mining-as-a-service (MaaS) operation occupies an area of 34 acres and is one of the biggest such operations in North America. Since the facility uses hydroelectric power — of which there i..

Canadian Bitcoin Mining Firm Hut 8 Sees Record High Revenue in...

Toronto-based Bitcoin mining company Hut 8 has seen record high revenue in the third quarter of 2018, which reached $13.5 million, with $27.7 for the nine months ending on Sep. 30. Canadian Bitcoin (BTC) mining company Hut 8 has reported record revenue in the third quarter (Q3) of 2018, according to the company’s quarterly financial report published Nov. 8. Hut 8, which claims to be “the largest” public crypto mining company by operating capacity and market capitalization, has revealed its financial results for Q3 of this year, stating that its revenue reached a record high $13.5 million for Q3, and $27.7 million for the nine months ending on Sep. 30. Revenue increased by 126 percent compared to the previous quarter revenue of $5.9 million. Hut 8 attributed the increase to its deployment of 16 Bitfury BlockBoxes in September at its mining facility in the City of Medicine Hat, for an aggregate of 56 BlockBoxes at that site. Each BlockBox contains 176 mining servers and reportedly has a..

Mining Giant Bitmain Hurries to Deploy 90,000 S9 Antminers Ahead of...

Ahead of the imminent Bitcoin Cash hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang. Ahead of the imminent Bitcoin Cash (BCH) hard fork, mining giant Bitmain has rushed to deploy around 90,000 Antminer S9 machines to the western Chinese region of Xinjiang, Chinese blockchain news source DeepChain reports Nov. 8. As reported, the BCH network will hard fork on Nov. 15, and Bitmain is reported to be strategizing its role in the forthcoming computing “power war” by reaching out to local mining farms in the coal-rich region of Xianjing. Local mining pool operator Yu Hao told DeepChain that the mining titan has been in talks with “almost all” the local mining farms since late October, and persuaded them to host almost 90,000 of its S9 machines: “[Bitmain’s] AntPool requested that a single mining farm should host over 5,000 machines. But in fact, only a few mining farms can satisfy their demand.” An unnamed sour..

Study: Crypto Mining Consumes More Energy Than Mineral Mining

Recent research conducted by U.S. scientists shows that crypto mining consumes more energy than gold or copper mining. A recent study by scientific journal Nature Sustainability published Nov. 5, reveals that crypto mining consumes more energy than mineral mining to produce the same market value. Scientists from the U.S. Department of Energy’s Oak Ridge Institute for Science and Education conducted a study to evaluate how much energy is consumed by mining cryptocurrencies in comparison to aluminium, copper, gold, platinum and rare earth oxides. The scientists reviewed the period from Jan.1, 2016, to June 30, 2018, and found that the mining of Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC) and Monero (XMR) consumed an average of 17, 7, 7 and 14 megajoules (MJ) to generate one U.S. dollar, respectively. In comparison, mining aluminium, copper, gold, platinum and rare earth oxides consumed 122, 4, 5, 7 and 9 MJ to generate the same value. These findings indicate that mineral mining, with ..
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