Researchers Find Monero Mining Malware That Hides From Task Manager

Cybersecurity company Varonis has discovered a new cryptojacking virus, dubbed “Norman,” that aims to mine the cryptocurrency Monero (XMR) and evade detection.  Varonis published a report about Norman on Aug.14. According to the report, Varonis found Norman as one of many cryptojacking viruses deployed in an attack that infected machines at a mid-size company.  Hackers and cybercriminals deploy cryptojacking hardware to use the computing power of unsuspecting users’ machines to mine cryptocurrencies like the privacy oriented coin Monero. Norman in particular is a crypto miner based on XMRig, which is…

Fidelity Joins Blockstream’s New Institutional Bitcoin Mining Service

Blockchain technology company Blockstream has announced details of its Bitcoin mining services. In a blog post on Aug. 8, the company revealed two massive data centers for enterprise class co-location services, along with Blockstream Pool, using the BetterHash protocol. Its aim is to maintain the decentralization of the Bitcoin network. Your Bitcoin mining equipment, Blockstream’s data-centers The data centers, located in Quebec and Georgia, account for a combined 300 megawatts of energy capacity. At full capacity, populated with the latest mining rigs, this could account for around 7.5% of the…

Malaysian Electric Utility Raids 33 Illicit Bitcoin Mining Facilities

Authorities raided Bitcoin (BTC) mining operations in Malaysia after finding that they were stealing electricity resulting in a loss of 3.2 million Malaysian ringgit ($760,736) to the utility company. 33 facilities illegally mining Bitcoin Malaysian major electric utility Tenaga Nasional Bhd (TNB) fell victim to an illegal cryptocurrency mining operation, which resulted in a $760,736 loss, local media organization Malay Mail reported on Aug. 7. After revealing the malpractice, the company raided 33 premises located near the state capital of Pahang, Kuantan. Distributing network general manager Siti Sarah Johana Mohd…

Mining ASIC Giant Bitmain Lost $625 Million, Expects Profits in April

Chinese mining and mining Application Specific Integrated Circuit (ASIC) manufacturer Bitmain lost $625 million in the first two months of this year, local media QQ reports on Aug. 2. Hundreds of millions lost Per the report, the firm sustained losses of $625 million by March, $345 during January, and $280 million during February. Those results were reportedly driven by the sales of outdated 16 nanometer ASICs at low prices, and once the inventory is cleared of those machines, new profits are expected from the sale of new, 7 nanometer mining…

Bitcoin Mining Manufacturer Canaan Files for IPO in US Worth $200 Million

As per a report, Canaan Creative, the major Bitcoin miner manufacturer, is supposed to have confidentially filed for an IPO in the US. As Bitcoin has grown into one of the biggest cryptocurrencies in the world, a range of industries have cropped up that are seeking to provide services that will help create a more robust ecosystem, and most of them are bearing fruit. For instance, new crypto exchanges are cropping up every other day, and it has become an industry in itself. However, not much has yet been talked…

Iranian Police Seize Batch of 117 Smuggled Crypto Mining Machines

Iranian provincial police have arrested an individual smuggling in cryptocurrency mining machines, local news agency Fars News reported on July 31. The Saveh Police Department’s Anti-Trafficking Police seized a truck allegedly carrying 117 cryptocurrency mining machines to the value of 11.7 billion Iranian rials ($277,876 at press time). According to Sardar Kiomars Azizi, a Police News Agency official, the police confiscated the aforementioned crypto mining equipment and arrested the truck driver. Crypto mining in complicated regulatory territory The news comes in the wake of the Iranian government’s authorization of cryptocurrency…

Iranian Gov’t Authorizes Cryptocurrency Mining As Industrial Activity

The Iranian government has authorized cryptocurrency mining as an industrial activity. A report from IIDO-owned Mehr News Agency on July 29 revealed that the decision was taken this weekend, during a Sunday cabinet session chaired by Iran’s President Hassan Rouhani. First step towards legalizing crypto? Now that mining has been officially authorized, entities engaged in the activity will be required to seek a license from Iran’s Ministry of Industry, Mine and Trade, the report notes. Mehr News claims that many experts are interpreting the move as being the first step…

Desktop Crypto Mining Malware Is Disappearing but Cloud Computing Exploits Are Growing

A new report from Skybox Security suggests that desktop crypto mining malware popularity has fallen considerably this year but that cloud computing attacks – essentially attacks that create hundreds of infected computing containers online – has risen drastically in 2019. “Use of malicious cryptominers — cybercriminals’ overwhelming tool of choice in 2018 — has declined to just 15 percent of malware attacks, with ransomware, botnets and backdoors rising to fill the void,” wrote the organization. “Vulnerabilities in cloud containers have increased by 46 percent compared to the same period in…

Iran Has Not Issued Any Licenses for Importing Crypto Mining Equipment

Iran’s customs administration has not issued licenses for importing digital currency mining equipment into the country due to the absence of approval from the government. Deputy President of the Islamic Republic of Iran Customs Administration (IRICA) Jamal Arounaghi said that the agency has not issued any licenses for importing cryptocurrency mining devices into the country, multilingual Tehran-based news outlet Mehr News Agency reported on July 21. While cryptocurrency mining equipment is banned in the country, IRICA has determined a tariff rate for its import, defining it as related to the…

Next Month’s Halving Will Be a ‘Shock’ to Litecoin Mining

Litecoin (LTC) creator Charlie Lee has predicted that miners may shut up shop after the coin’s upcoming halving this summer.  In an interview with Australian crypto news site Mickey on July 10, Lee reflected on the possible implications for Litecoin’s mining ecosystem when the planned halving kicks in and current block rewards on the network are reduced by 50%. “It’s always kind of a shock to the system,” he said, explaining:  “When the mining rewards get cut in half, some miners will not be profitable and they will shut off…