Many cloud servers are still at high risk of being hijacked for crypto mining

According to a study published by cybersecurity firm, Aqua Security, cloud servers remain a major target for cryptojacking — a type of attack whose main motivation is to mine cryptocurrencies. The “2020 Cloud Native Threat Report” states that between the second half of 2019 and the first half of 2020, attacks of this nature surged by 250%. In total, 95% of the 16,371 attacks registered during this period were related to cryptojacking. The perpetrators of this type of exploit rely heavily on the use of XMRig, a well-known Monero (XMR)…

Crypto mining and remote work drive GPU sales boom in Russia

Graphic cards’ sales in Russia are surging amid an increase in remote work as well as the apparent growth in cryptocurrency mining, a new report says. According to several local retailers like Citilink and Svyaznoy, crypto mining-related sales of graphic cards in Russia notably surged in August 2020, Kommersant reported on Sept. 14. Alexey Rusakov, an executive at local tech distributor Citilink, told Kommersant that sales from mining-enabled graphic cards have spiked 49% in August. This comes in line with a two-fold increase in sales by tech giant Nvidia on a year-on-year…

Developers propose a solution against ‘stealth mining’ to Ethereum Classic community

Earlier today, Dexaran presented its solution to the Ethereum Classic (ETC) community aimed at preventing future 51% attacks. The presentation came a week after Cardano’s IOHK introduced its checkpointing proposal. Dexaran notably used IOHK’s Crowdcast channel for its competing solution. This new proposal is founded on the assumption that many 51% attacks involve so-called “stealth mining”, where an attacker, in isolation, would secretly mine a longer fork of the chain. This technique was used in a recent attack on the ETC, which cost OKEx $5.6 million. The proposal hinges on the…

Chinese mining giant Canaan announces $10 million share buyback

Canaan, China’s major cryptocurrency mining company, will soon launch a $10 million share repurchase program. On Sept. 8, the Nasdaq-listed company officially announced that its board of directors has  authorized a share repurchase program to repurchase up to $10 million worth of its American depositary shares, or ADSs. According to the announcement, Canaan will be repurchasing 15 Class A ordinary shares and/or Class A ordinary shares over the next 12 months starting Sept. 22. Under the share repurchase program, the mining giant is authorized to repurchase its ADSs “from time…

‘Exclusive mining’ could have negative implications for the Blockchain industry, say experts

Dr. Elias Strehle of the Blockchain Research Lab and Lennar Ante of the University of Hamburg recently warned that blockchain nodes engaging in exclusive mining “have no incentive to forward new transactions to their peers.” They speculated that crypto miners may instead be incentivized to keep transactions confidential “in the hope of being the only one who can earn the associated transaction fees.” Exclusive mining, which is a type of collusion between a transaction initiator and a single miner or pool, uses private channels to confirm transactions rather than broadcasting…

Binance takes on DeFi with Uniswap competitor and liquidity mining

Crypto exchange giant Binance is delving deeper into the world of DeFi-style products with its latest offering, an automated market maker called Binance Liquid Swap. Aimed directly at Uniswap and its clones, Binance will launch an AMM liquidity pool that allows users to provide liquidity by depositing tokens. Just like the world’s most popular decentralized exchange, Binance Liquid Swap will also enable users to earn interest in addition to a cut of the trading fees for the pool. It’s the first AMM pool product on a centralized exchange and will…

Nvidia teases a massively improved RTX 3080, but will it be good for mining?

Nvidia is set to release the next generation of its popular RTX series of graphics cards on  Sep. 17. One of these will be the RTX 3080, which comes as the mid-range card among its peers the 3090 and 3070. However, the performance of the card is set to eclipse the performance of the previous generation’s equivalent, the RTX 2080 Ti. According to Tom’s Hardware, the GPU is promised to be “twice as fast” as the last generation by Nvidia and its raw specifications suggest that the gains could even…

Kazakhstan on track for $700M crypto mining investment goal, says minister

According to the Digital Development Minister of Kazakhstan, Bagdat Mussin, the country is in negotiations regarding investments in its cryptocurrency mining sector amounting to 300 billion tenges ($714 million). Earlier in June, another Kazakh minister, while arguing against the ban on cryptocurrencies during a parliamentary discussion, had claimed that the country may get more than $700 million investment for its cryptocurrency mining farms over the next three years. While addressing a government meeting, Mussin said that the country has set up thirteen cryptocurrency mining farms and was working on four…

Mysterious Bitcoin mining pattern potentially solved after seven years

We reported last week about the latest findings of Sergio Dermain Lerner, who is known for his discovery of the so-called “Patoshi pattern”. His latest research suggested that Satoshi Nakamoto likely used a single pc to mine approximately 1.1 million Bitcoin (BTC). However, it appears that there was something of even greater importance lost in the excitement about this discovery. If Lerner’s latest findings are accurate, it would put an end to seven years worth of speculation concerning the meaning behind the mysterious pattern. Patoshi pattern. Source: Sergio Darmain Lerner’s…

Mining rig manufacturer Canaan announces narrowing net loss in Q2 results

Bitcoin mining rig manufacturer Canaan on Aug. 31 released its unaudited financial results for the second quarter of 2020. While gross profit was up both year on year and quarter on quarter, the company still posted a net loss, albeit one which has narrowed significantly in the last twelve months. The amount of computing power sold in its application specific integrated circuit (ASIC) hardware was 2.6 million THash/s. This represents an increase of almost 200% on Q1 figures of 0.9 million THash/s, but is an 18.2% drop on figures from…