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

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…

Bitmain Plans to Set Up 200,000 Crypto Mining Machines in China

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…

Businesses Increasingly See Crypto Mining Attacks in Cloud Infrastructures

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…

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

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…

Mining Giant Canaan Seals ‘Hundreds of Millions of Dollars’ in New Funding: Report

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,…

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

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…

Bitcoin Mining Revenue Begins Slow Recovery After 18-Month Lows, New Report Shows

Bitcoin (BTC) mining revenues have begun climbing after falling to their lowest levels in 18 months, statistics from cryptocurrency industry newsletter Diar confirmed Mar. 4. Capping a troubling year for miners, February saw revenue drop to amounts not seen since August 2017 — when Bitcoin was at the start of its most recent bull run. Mining income totalled $195 million in February 2019, down from $210 million in January and a fraction of the $951 million all-time highs seen at the height of the bull run in December 2017. “To…

Crypto Mining Service Coinhive to Shut Down Operations in March

Cryptocurrency mining service Coinhive is shutting down, as the project has reportedly become economically inviable. The team behind Coinhive announced the news in a blog post on Feb. 26. Per the announcement, the mining service will stop its operations on March 8, 2019, while users’ dashboards will be accessible until April 30, 2019. Among the reasons behind the closure, the developers note the over 50 percent drop in hash rate following the last Monero (XMR) hard fork. The service was reportedly also hit by the cryptocurrency market drop off ,…

Ebang Reveals Plans to Produce 400,000 Bitcoin Mining Units in 2019

Ebang, one of China’s top manufacturers of bitcoin miners, is planning to produce 400,000 mining machines in 2019. On February 22, 2019, Ebang reportedly announced this plan to expand dramatically throughout the fiscal year. Currently, Ebang is the third largest manufacturer of cryptomining equipment. There is one main reason that Ebang might have a solid chance of moving up in the mining manufacturing world: Bitmain’s recent financial troubles. Also based in China, Bitmain is currently China’s unequivocal leader in ASIC mining hardware manufacturing. Canaan, the second largest company on the…