Connect with us

Mining News

China proposes cryptocurrency mining ban as prices start to rise again

The government agency that is in charge of China’s macroeconomic planning is recommending new rules that would effectively ban cryptocurrency mining in the country, or at least make it very difficult, provided the measures are actually enforced.China’s National Development and Reform Commission (NDRC) outlined the proposed decree in a draft amendment to the Catalog for…

China proposes cryptocurrency mining ban as prices start to rise again

The government agency that is in charge of China’s macroeconomic planning is recommending new rules that would effectively ban cryptocurrency mining in the country, or at least make it very difficult, provided the measures are actually enforced.

China’s National Development and Reform Commission (NDRC) outlined the proposed decree in a draft amendment to the Catalog for Guiding Industrial Restructure, as reported by South China Morning Post. It’s sort of an outline of economic policy that groups industrial sectors into three main categories: ones the agency wishes to encourage, restrict, or eliminate.

The amendment recommends eliminating “virtual currency mining, such as the production process of Bitcoin” right away. Residents in China have until May 7 to submit feedback on the draft proposal, sometime after which the rules would be finalized (or scrapped).

Bitcoin is mostly mined on ASIC hardware these days, meaning there is not the direct threat of miners exhausting the supply of graphics cards, as happened a couple of years ago. However, there are a couple reasons why this proposed ban matters.

For one, cryptocurrencies that are mined with GPUs are often exchanged for Bitcoin, so there is some potential spillover. Secondly, Bitcoin and other cryptocurrencies have seen a recent surge in pricing.

Bitcoin is currently trading for over $5,000. That’s a long way from its peak of around $20,000 for a brief moment in 2017, but it also recently hit its highest point (around $5,200) since November of last year.

It’s not just Bitcoin, either. Ethereum is up to around $165, which is also the highest it’s been since last November. Likewise, Litecoin and others are up as well.

Should we be worried about another GPU shortage, caused in part by crypto-mining? Probably not. Well, maybe not. Okay, hopefully not. It’s hard to tell, because the cryptocurrency market is so damn volatile.

As for China’s proposed ban, CoinDesk disputes that calling it as such is the correct nomenclature. CoinDesk says it’s “misleading” to refer to the proposed rules as an outright ban, and that “the reality is more nuanced.” Even though local governments would be required to implement what’s outlined in the NDRC’s policy guide, they must use related laws and regulations, and not the provisions themselves, in order to take forceful actions to shut down mining operations.

Maybe so, maybe not. Either way, it’s clear China is not a fan of crypto-mining. Also, CoinDesk seems to be coming at this from another angle that is not universally shared. Michael Zhong, an analyst with TokenInight, believes the rules will have a big effect on China’s position as hotspot for crypto-mining.’

“Bitcoing mining will no longer be dominated by China be become more decentralized,” Zhong told SCMP.

We’ll have to wait and see how it all plays out. In the meantime, we’re crossing our fingers that there is not a second coming of the crypto-mining gold rush that helped jack up the prices of high-end and midrange GPUs.

Source

Continue Reading
Advertisement
Loading...
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Mining News

Cybercriminals Sneak in Crypto Mining Malware via Confluence Software Exploit

Cybercriminals are now reportedly exploiting known vulnerability CVE-2019-3396 in the software Confluence, a workspace productivity tool made by Atlassian, according to a report by security intelligence firm Trend Micro Inc. on May 7.The exploit that has been developed allows cybercriminals to stealthily install and run a monero (XMR) miner on a vulnerable computer, as well…

Cybercriminals Sneak in Crypto Mining Malware via Confluence Software Exploit

Cybercriminals are now reportedly exploiting known vulnerability CVE-2019-3396 in the software Confluence, a workspace productivity tool made by Atlassian, according to a report by security intelligence firm Trend Micro Inc. on May 7.

The exploit that has been developed allows cybercriminals to stealthily install and run a monero (XMR) miner on a vulnerable computer, as well as covering up the mining activity by using a rootkit to hide the malware’s network activity and toll on the host’s central processing unit (CPU).

According to an Atlassian security advisory, the vulnerability in question only applies to some older versions of Confluence. The vulnerability can be avoided by downloading patched versions of Confluence Server and Data Center.

In February, as previously reported by Cointelegraph, Trend Micro covered another instance of XMR miner malware attacks. This attack targeted Microsoft Windows users with the Windows exploit tool mimikatz and remote control program Radmin. The vulnerability targeted was Windows SMB Server Vulnerability MS17-010, which has since been patched in 2017.

Crypto mining attacks are purportedly on the rise, according to a statement by AT&T Cybersecurity in March. Per the report, online shopping giant Amazon has also been the victim of a monero miner attack. In this case, the attack was executed on a Kubernetes server operating inside Amazon Web Services.

Related Articles:

  • Crypto Mining Firm Argo Blockchain Expects Cash Breakeven in May With New Miners
  • Malware Shellbot is Now Capable of Shutting Down Other Miners
  • Research: Crypto Mining Hardware Market to See 10% Compound Annual Growth by 2023
  • Hackers Used Microsoft Email Accounts to Steal Users’ Cryptocurrency, Report

Source

Continue Reading

Mining News

New Crypto-Mining Malware Targeting Asian Firms With NSA Tools

published the news in a blog post Wednesday, saying that over 80 percent of victims are located in China, with nations such as South Korea, Japan and Vietnam also seeing activity.” data-reactid=”23″ type=”text”>Cybersecurity software provider Symantec published the news in a blog post Wednesday, saying that over 80 percent of victims are located in China, with nations…

New Crypto-Mining Malware Targeting Asian Firms With NSA Tools
published the news in a blog post Wednesday, saying that over 80 percent of victims are located in China, with nations such as South Korea, Japan and Vietnam also seeing activity.” data-reactid=”23″ type=”text”>Cybersecurity software provider Symantec published the news in a blog post Wednesday, saying that over 80 percent of victims are located in China, with nations such as South Korea, Japan and Vietnam also seeing activity.

Dubbed “Beapy,” the malicious code is a file-based crypto miner, not a browser-based one, the firm said. It works by sending a malicious Excel file to victims as an email attachment, downloading the DoublePulsar backdoor onto the victim’s system if the file is opened.

US Prosecutors Charge 2 Foreign Nationals Over Bitcoin Investment Scam

DoublePulsar (notably developed by the U.S. National Security Agency before it was stolen then released to the public in 2017) was also used in the WannaCry ransomware attack in 2017, according to the post.

Once DoublePulsar is installed on to a victim’s machine, the miner is downloaded. At the same time, it uses another leaked NSA tool, EternalBlue, to propagate across the infected network via unpatched computers where it can steal credentials to further access patched machines.

Cryptojacking malware can have a major impact on enterprises, Symantec said, including slowing down device performance, reducing employee productivity and increasing costs.

Although cryptojacking activity has decreased by about 52 percent over the last year, it is still an area of interest among hackers which largely target businesses.

New York State Sees First Conviction for Crypto Money Laundering

Symantec said:

“Looking at the overall figures for cryptojacking, we can see that there were just under 3 million cryptojacking attempts in March 2019. While a big drop from the peak of February 2018, when there were 8 million cryptojacking attempts, it is still a significant figure.”

The firm said it first noticed Beapy in January of this year, but activity has increased since early March.

estimated that cybercriminals have mined around 5 percent of the total monero in circulation.” data-reactid=”35″ type=”text”>Monero’s privacy features make it by far the most popular cryptocurrency among hackers deploying mining malware. A recent academic study estimated that cybercriminals have mined around 5 percent of the total monero in circulation.

discovered a form of malware that takes administrative control to first uninstall cloud security products and then injects code to mine monero. The same team also discovered another variant that steals browser cookies and other information on Apple Mac computers to directly steal cryptocurrencies.” data-reactid=”36″ type=”text”>Earlier this year, researchers at cybersecurity firm Palo Alto Networks discovered a form of malware that takes administrative control to first uninstall cloud security products and then injects code to mine monero. The same team also discovered another variant that steals browser cookies and other information on Apple Mac computers to directly steal cryptocurrencies.

Related Stories

  • Student Gets 10-Year Jail Term for SIM-Swap Crypto Thefts Worth $7.5 Million
  • Privacy Crypto Monero Celebrates Its 5th Birthday

Source

Continue Reading

Crypto Live Prices

  • USD
  • EUR
  • GPB
  • AUD
  • JPY
Advertisement
Loading...
Advertisement
Advertisement

Trending