US Holding Firm Halted Mining Business After Bitcoin Crashed Below $4K

Although the cryptocurrency markets have slightly recovered following massive sell-offs in mid-March, Bitcoin’s (BTC) faltering price has led to notable miner instability and closures. Soon after Bitcoin dropped below the $4,000 threshold on March 13, DPW Holdings, a Nasdaq-listed holding company, announced that it is temporarily shutting down its cryptocurrency mining business, Digital Farms. DPW notifies the SEC about multiple changes to its business in relation to the coronavirus According to a March 18 business update filed with the United States Securities and Exchange Commision (SEC), the Digital Farms’ suspension…

Russian Police Take Down an Illegal Bitcoin Mining Farm

Russian police have caught bitcoin miners who were stealing $200,000 worth of electricity each month in their efforts to mine cryptocurrency. According to a statement released by the Russian Interior Ministry, a Saint Petersburg suspect has been arrested, along with nine alleged accomplices. The criminals managed to install sophisticated infrastructure that connects mining equipment to the country’s electricity supply at eight different locations, the Interior Ministry stated. Seized elements during the raids In total, the Russian National Guard seized 1,500 pieces of mining equipment, 2 million rubles, smartphones that contained…

Microsoft Files Patent For Crypto Mining System Using Body Activity Data

Tech giant, Microsoft, is looking to develop a cryptocurrency system which enables individuals to mine cryptocurrency using their body activity data, eliminating the need for specialized mining machines. Microsoft published a patent dubbed “Cryptocurrency system using body activity data” on March 26. Their paperwork details a method of crypto mining which exploits data associated with a user’s body activity to exercise a new form of proof-of-work. The document further details: “For example, a brain wave or body heat emitted from the user when the user performs the task provided by…

Is Staking the Answer to Cryptocurrency’s Mining Problems?

For a tech that was supposed to be democratic and distributed in order to free financial systems from the grip of government-influenced banks and return control of the money supply to the people, cryptocurrencies have turned out to be pretty concentrated.  Some 66% of all Bitcoin (BTC) mining now takes place in China, with 54% located in the southwest province of Sichuan, as a recent study revealed. Three Chinese mining pools alone are responsible for nearly half of Bitcoin’s hashrate. The days when a single Bitcoin enthusiast could crunch numbers…

Researchers Reveal Crypto Mining Botnet’s Sneaky Tactics

The cybercriminals behind the crypto mining Stantinko botnet have devised some ingenious methods to evade detection. Malware analyst Vladislav Hrčka from cybersecurity firm ESET sounded almost impressed as he unveiled the firm’s latest findings, and potential countermeasures, in a blog post. “The criminals behind the Stantinko botnet are constantly improving and developing new modules that often contain non-standard and interesting techniques,” he wrote.  The half-million strong botnet has been active since 2012 and was spread via malware embedded in pirated content. It mainly targets users in Russia, Ukraine, Belarus and…

Baidu Employee Jailed for Mining Monero Worth $14K on Company Servers

An engineer at Baidu, China’s equivalent to Google, has been jailed for mining Monero on around 200 of the company’s servers. According to a March 16 report by local media outlet, Abacus News, the employee eventually sold the Monero for around 100,000 yuan ($14,300). Large-scale crypto-jacking Senior engineer, An Bang, was employed by Baidu to maintain its search engine. However, between April and July 2018, he downloaded and installed scripts to mine the cryptocurrency, Monero onto around 200 of the company’s servers. Baidu contacted the police when it noticed unexpected…

Court Backs County for Electricity Price Hike Targeting Crypto Mining

A Washington court has ruled against one individual and five companies that sued the Grant County Public Utility District No.2 for suddenly creating a new electricity pricing schedule for power consumed by “emerging industries” in December 2018. On March 12, Judge Rosanna Peterson of the U.S. District Court for the Eastern District of Washington found that the plaintiffs were unable to demonstrate that the country violated federal electricity laws. Cryptocurrency mining nearly tripled the annual electricity demand in Grant County The miners first began operating in the county during 2017…

Hive Expands Ether Mining by 20%, Not Worried by Proof-of-Stake

Cryptocurrency mining company Hive Blockchain Technologies announced a two-phase plan to expand its Ether (ETH) mining operations at the company’s flagship GPU-based facility in Sweden by more than 20%. In a press release, Hive describes the current moment as “an opportune time” to expand its ETH mining capacity. Hive’s Swedish facility is hydro-powered, and including hardware, the expansion will incur capital expenditures of just $200,000 per additional megawatt of processing power.  However, with contention rising within the Ethereum community concerning the upcoming ‘ETH 2.0’ revamp and anticipated transition to a…

Bitcoin Quickly Bounces After Price Loses Crucial $7,700 Mining Support

If you were around earlier this hour, you likely noticed the brief panic on Twitter when Bitcoin fell under $7,600; that was the lowest the cryptocurrency had traded at in literal weeks, not to mention it fell under crucial support. Though, over the past 20 minutes, the cryptocurrency has bounced, rapidly rallying from the low around $7,590 to as high as $7,805 as if investors had their fingers on the buy trigger. While seemingly irrelevant, as this was just Bitcoin rallying just over 2%, this small bounce was extremely important.…

Genesis Mining Rejects $3.1 Million Suit From Former Contractor

Two firms in the cryptocurrency space are at legal loggerheads regarding millions of dollars in purportedly unpaid invoices. On September 30, 2019, the London-based payments company Digital Capital sued Genesis Mining over allegedly failing to pay 2.4 million pounds (roughly $3.1 million) in unpaid invoices for its development and maintenance of its credit card software. Now, Genesis Mining Iceland has argued in a court hearing that Digital Capital failed to deliver software with capabilities beyond “peripheral functionality,” Law360 reports on March 9. The legal proceedings relate to a now-dissolved partnership…