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Bitcoin Miners At War

Bitcoin miners are constantly battling the demands and costs of energy suppliers. The action of mining Bitcoin is a very resource heavy process, it requires an awful lot of electricity which is often sourced by traditional means, through traditional energy suppliers.  Recent reports have surfaced describing how one miner has taken this battle to the next level after recent revelations about their incredibly high energy bill, caused as a result of Bitcoin mining. In this instance, the miner is not challenging the energy supplier as electricity costs are fixed, in this instance, the miner is putting the blame on the...

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Litecoin Miners Left Out Of Pocket

Changes to the Litecoin infrastructure mean that Litecoin miners could potentially be left out of pocket, after Litecoin halved it’s miners rewards. This is as a result of Litecoin reaching a specific block within it’s blockchain that kick starts a series of events, the consequence of which is that the mining reward is eventually reduced. This ‘trigger block’ is situated at height 1,680,000. According to Coindesk: “The litecoin blockchain reached the trigger block height of 1,680,000 at 10:16 UTC on Monday, according to the litecoin explorer from mining pool operator BTC.com. The event marks a major threshold for miners, as...

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$200 Million US IPO Filed By Chinese Mining Giant

The Chinese creator of the Bitcoin mining hardware, Canaan creative has reportedly been looking to go public in the United States. According to a report posted on WeChat, Canaan has already filed the application documents with the Securities and Exchange Commission. The crypto mining rigs designer is seeking to raise approximately $200 million from the IPO (initial public offering). This comes a year after the mining hardware firm filed an IPO application on the stock exchange in Hong Kong. The Beijing-based firm allowed the application to lapse after six months. The firm was looking to raise $400 million and this...

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Iran Gives Green Light To Bitcoin Mining

Mining farms for cryptocurrency have been seeing an increase in Iran thanks to the low electricity costs. In research published by Elite Fixtures, mining Bitcoin will only cost you $3,217 in the nation using specialised mining hardware like Avalon 6 or AntMiner S9. With the increasing number of mining farms around the country caused a seven percent increase in energy consumption last month that affected the nations power grid making it unstable and causing problems for consumers according to the Iranian Energy Ministry spokesperson, Mostafa Rajabi. As a result of this, the government decided to move forward towards recognising crypto...

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Popular Search Engine Under Threat From Malicious Malware For Crypto Mining Purposes

At the start of the week, the Elasticsearch search engine was under threat of being transformed into experienced cryptocurrency mining botnet which would be used in distributed denial of service attacks (DDoS). The cybersecurity firm Trend Micro describes a new malware strain that launches multi-stage attacks on publicly accessible databases and servers that run old versions of Elasticsearch software. Trend Micro has said: “[…] Many of the malicious traffic or attacks that we see targeting Elasticsearch are relatively straightforward, and more often than not, profit-driven.” They continue:  “An attacker looks for unsecure or misconfigured servers or exploit old vulnerabilities, then...

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