Bitcoin miner mining bitcoin interrupted
Researchers have discovered a new malware family targeting cloud services to mine cryptocurrency. Dubbed CoinStomp , the malware is compromised of shell scripts that "attempt to exploit cloud compute instances hosted by cloud service providers for the purpose of mining cryptocurrency," according to Cado Security. The firm's researchers say that the overall purpose of CoinStomp is to quietly compromise instances in order to harness computing power to illicit mine for cryptocurrency, a form of attack known as cryptojacking. Clues in code also referenced Xanthe , a cryptojacking threat group recently tied to the Abcbot botnet. However, the clue -- found in a defunct payload URL -- is not enough to firmly establish who is responsible for CoinStomp and may have been included in "an attempt to foil attribution," according to the team.
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Content:
- How China’s Ban on Cryptocurrency Will Ripple Overseas
- Panic as Kosovo pulls the plug on its energy-guzzling bitcoin miners
- Quantum computers and the Bitcoin blockchain
- A group of moms stopped a crypto mine from building next to an N.C. school
- Abkhazia's illegal bitcoin miners face new threat from thieves
- Why China’s kicking out the crypto miners
How China’s Ban on Cryptocurrency Will Ripple Overseas
In June China told banks to stop facilitating transactions, and issued bans on mining. At its peak in Sept China accounted for over three quarters of all Bitcoin mining. China has since declared all Bitcoin transactions illegal - though that occurred after the period covered by they Cambridge research. Miners earn money by creating new Bitcoins, but the computing power needed to do it consumes large amounts of energy.
They audit Bitcoin transactions in exchange for an opportunity to acquire the digital currency. Global mining requires enormous computing power, which in turn uses huge amounts of electricity, and consequently contributes significantly to global emissions. The CBECI, which is produced by the Cambridge Centre for Alternative Finance, tracks the geographic distribution of computing power used for mining Bitcoin - receiving data from a number of commercial Bitcoin mining pools.
The latest data, which covers the four months to the end of August, suggests that most Bitcoin mining You have to almost feel sorry for cryptocurrency miners. Changing attitudes around the world to crypto are pushing and pulling these businesses in different directions.
The decline of China as a crypto mining powerhouse has been unexpected and rapid. The government has clearly decided it is dead against crypto in general due to its anonymous and decentralised nature plus the environmental costs that come with mining. On the flipside Kazakhstan has welcomed these homeless companies with open arms and is seriously cashing in.
Kazakhstan has more than doubled its contribution to crypto mining since April. Industry insiders tell me that the rapid growth is already putting pressure on electricity levels in some cities and regulation and legislation are likely to be on the way to make the country's crypto boom more sustainable. China's action in June and the resulting fall in mining will, the researchers say, have been reflected in a decline in Bitcoin's energy consumption - but as mining recovers that fall will reverse.
Currently Bitcoin consumes 0. The researchers do not yet know how the change in the geographic distribution will alter the mix of energy sources used to mine Bitcoin - whether fossil fuel or renewables. That, they say, will be the subject of future analysis. Earlier research by CBECI revealed an annual migration of miners in China - moving between provinces with cheap electricity from fossil fuel to regions where hydro-electric power was abundant in the rainy season.
With the ban miners must look for cheap electricity elsewhere. Significant amounts of mining in the US is based in areas such as Washington State where low-cost electricity from hydropower is available. But as the BBC has reported, some Chinese miners have also migrated to the cheap electricity afforded by Texas' deregulated electricity grid. And Kazakhstan's growth as a mining hub will come at an environmental cost. But his calculations are based on figures showing how much pollution each kilowatt hour of electricity produces on average in a country, which is a significant simplification.
However, Bitcoin's environmental impact is not limited to greenhouse gas emissions. A recent study, of which Alex de Vries was a co-author, suggested Bitcoin mining produced thousands of tonnes of electronic waste because the computers used become rapidly obsolete. Mr De Vries thinks the shifting geography of mining may not alter that much, but notes that "Kazakhstan has no national legislation on e-waste, so the handling of it is even worse than in many other countries".
China declares all Bitcoin transactions illegal. Bitcoin mining producing tonnes of waste. Cambridge data shows Bitcoin mining on the move. Image source, Getty Images. But even here there are signs of strain. Renewable mining. E-waste rules. Published 24 September Published 22 June Published 20 September Published 15 July Related Topics. Bitcoin China Climate change Cryptocurrency.
Panic as Kosovo pulls the plug on its energy-guzzling bitcoin miners
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Quantum computers and the Bitcoin blockchain
Crypto-mining equipment seized in the northern Kosovo town of Leposavic on January 8, Photo: Kosovo Police. Police seized graphic cards, 17 processor boards, 50 electricity fuses, 21 USBEs and two used processors, they announced on Monday. Police were active elsewhere during the weekend in raids against crypto-mining, following a government decision on December 29 to ban all crypto activities in the country. The ban forms part of an attempt to ease the severe energy emergency which the country has been going through in recent weeks, partly because of higher demand. The government implemented power reductions on December 22 due to the serious energy crisis. Minister of Finance Hekuran Murati said saving energy was the main reason behind the ban.
A group of moms stopped a crypto mine from building next to an N.C. school
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Abkhazia's illegal bitcoin miners face new threat from thieves
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Why China’s kicking out the crypto miners
These are the core obsessions that drive our newsroom—defining topics of seismic importance to the global economy. Our emails are made to shine in your inbox, with something fresh every morning, afternoon, and weekend. In the ongoing boom in bitcoin , mining companies are scrambling to mint as much of the currency as they possibly can. This intrusion of the real, physical world into the realm of the virtual has bitcoin mining companies chartering jets to move their miners, training themselves to repair faulty computers , and waiting impatiently for ports to release their imported machines. And in this crypto bull market, delays are critical. For Marathon, has been a big year; by mid-year, it had ordered nearly , miners from Bitmain, a Chinese manufacturer shipping the machines out of its factory in Malaysia. The advance orders proved to be a wise decision, Schumacher said. Last year, the mining company BitDigital began relocating its machines out of China, to its sites in the US and Canada.
State-run broadcaster Khabar on January 25 cited KEGOC as saying the decision was taken as a result of the unstable situation with electricity provision across the country. Millions were left without power across Kazakhstan, Kyrgyzstan and Uzbekistan that day as the result of a technical fault whose cause has yet to be fully determined. The power networks of all three countries are linked by a Soviet-vintage unified power grid. Electricity supplies have mostly been restored, although there is residual uncertainty about the stability of the grid.
The world has known for months that more than half the world's bitcoin miners would be going dark as China cracked down on mining. Now that it's happened , the bitcoin algorithm has adjusted accordingly to make sure miner productivity doesn't continue to fall off a cliff. That adjustment — which took effect early Saturday morning — also means that way more cash is going to the bitcoin miners who remain online. A bitcoin miner runs a program on a computer to try to solve a puzzle before anyone else does. Solving that puzzle is what completes a block, a process that both creates new bitcoin and updates the digital ledger keeping track of all bitcoin transactions.
France 24 is not responsible for the content of external websites. China has broadened a crackdown on its massive cryptocurrency mining industry with a ban on mines in a key southwestern province. Chinese mines power nearly 80 percent of the global trade in cryptocurrencies despite a domestic trading ban since , but in recent months several provinces have ordered mines to close as Beijing turns a sharp eye to the industry. Authorities in the province of Sichuan ordered the closure of 26 mines last week, according to a notice widely circulated on Chinese social media and confirmed by a former bitcoin miner. The notice reportedly instructed power companies to stop supplying electricity to all cryptocurrency mines by Sunday. It vowed a "complete clean-up" and ordered local governments to carry out a "dragnet-style investigation" to find and shut down suspected crypto mines. A former crytpocurrency miner told AFP they had "closed everything" in line with the requirements in recent days.
Join , subscribers and get a daily digest of news, geek trivia, and our feature articles. By submitting your email, you agree to the Terms of Use and Privacy Policy. Ethereum 2. These issues have taken on new urgency recently with the mainstream adoption of NFTs , many of which use Ethereum smart contracts to validate tokens that link to works of art.
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