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Research: Crypto Mining Hardware Market to See 10% Compound Annual Growth by 2023

Digital currency mining hardware market is set to expand by 2023, according to a report from market research firm Reportlinker published on April 29.Per the analysis, the rising number of product launches will facilitate the growth of cryptocurrency mining hardware, that will purportedly register a compound annual growth rate (CAGR) of more than 10% by…

Research: Crypto Mining Hardware Market to See 10% Compound Annual Growth by 2023

Digital currency mining hardware market is set to expand by 2023, according to a report from market research firm Reportlinker published on April 29.

Per the analysis, the rising number of product launches will facilitate the growth of cryptocurrency mining hardware, that will purportedly register a compound annual growth rate (CAGR) of more than 10% by 2023.

The report suggests that one of the major drivers of the cryptocurrency mining hardware market growth worldwide is the increasing demand for cryptocurrency-specific hardware, such as field-programmable gate array (FPGA) processors and application-specific integrated circuits (ASICs).

The high operational cost that results in low-profit margins reportedly remains one of the challenges to growth of the global digital currency mining hardware market, while the increasing number of crypto-related startups that cease their operations will also affect the growth of the market.

Low prices during the crypto bear market in 2018 affected crypto miners and hardware producers alike. In its Q3 2018 earnings report, computer hardware manufacturer Nvidia announced it was experiencing a “crypto hangover” as a result of inventory excess that was the result of decreased demand for its graphics processing units from crypto miners.

In February, cryptocurrency mining service Coinhive announced its closure, as the project had reportedly become economically inviable. Coinhive reportedly had to shut down its services amidst a 50 percent decline in hash rate following the last Monero hard fork. The firm said its would halt operations on March 8, 2019, while users’ dashboards will be accessible until April 30, 2019.

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Mining News

Two Miners Purportedly Execute 51% Attack on Bitcoin Cash Blockchain

Two miners have reportedly executed a 51% attack on the bitcoin cash (BCH) blockchain, according to tweets by Cryptoconomy Podcast host Guy Swann on May 24.A 51% attack occurs when someone controls the majority of mining power on a Proof-of-Work blockchain network. This means that the majority block verifier can prevent other users from mining…

Two Miners Purportedly Execute 51% Attack on Bitcoin Cash Blockchain

Two miners have reportedly executed a 51% attack on the bitcoin cash (BCH) blockchain, according to tweets by Cryptoconomy Podcast host Guy Swann on May 24.

A 51% attack occurs when someone controls the majority of mining power on a Proof-of-Work blockchain network. This means that the majority block verifier can prevent other users from mining and reverse transactions.

While many have assumed that a 51% attack would be carried out with malicious intent, the above case happened as the two mining pools attempted to prevent an unidentified party from taking some coins that — due to a code update — were essentially “up for grabs.”

According to Swann, two miners with majority control of the network — BTC.top and BTC.com — performed the attack in an effort to stop an unknown miner from taking coins that were sent to an “anyone can spend” address following the original hard fork in May 2017.  As per Swann’s tweets:

“When the unknown miner tried to take the coins themselves, http://BTC.TOP  & http://BTC.COM saw & immediately decided to re-org & remove these [transactions] TXs, in favor of their own TXs, spending the same P2SH coins, + many others … So just 2 miners, in secret & w/ no trouble, took it upon themselves to remove 2 blocks w/ another’s TXs, & replace with their own.”

51% attacks have generally been considered an undesirable and unprofitable option to take funds, as it would require a massive amount of computing power, and once a network is considered compromised, users would ostensibly flee.

According to statistics on Coin.Dance, BTC.top and BTC.com control 43% of the bitcoin cash mining pool.

As Cointelegraph reported, the Ethereum Classic (ETC) blockchain experienced a 51% attack in January. Researchers at the crypto exchange Gate.io reportedly found that an attacker had reversed four transactions, resulting in a loss of 54,200 ETC. The exchange promised to compensate the affected users, and advised other trading platforms to block transactions initiated by the attacker’s address.

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Firefox Browser Adds Option to Automatically Block Crypto Mining Scripts

announced on its blog Tuesday.” data-reactid=”12″ type=”text”>The option is being offered alongside control of cookies and trackers in the “Privacy & Security” tab of the browser, where users can now also choose to tick a box that prevents “cryptominers” from running, Mozilla announced on its blog Tuesday.Crypto-mining scripts on websites run in the browser, normally without users’ knowledge…

Firefox Browser Adds Option to Automatically Block Crypto Mining Scripts

announced on its blog Tuesday.” data-reactid=”12″ type=”text”>The option is being offered alongside control of cookies and trackers in the “Privacy & Security” tab of the browser, where users can now also choose to tick a box that prevents “cryptominers” from running, Mozilla announced on its blog Tuesday.

Crypto-mining scripts on websites run in the browser, normally without users’ knowledge or consent, using the power of the computer processor to mine cryptocurrency for hackers’ personal gain.

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“These scripts slow down your computer, drain your battery and rack up your electric bill,” Mozilla said.

The option to block mining scripts has been available in beta since the feature’s initial launch in April, with Mozilla partnering with cybersecurity firm Disconnect for the service.

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Opera also offers miner protection in its smartphone version, while Google’s Chrome has banned miners from its extensions.” data-reactid=”26″ type=”text”>Mozilla revealed its plan to offer the feature last August, saying its goal was to prevent third-party scripts from hampering the user experience. Web browser Opera also offers miner protection in its smartphone version, while Google’s Chrome has banned miners from its extensions.

Illicit crypto mining, sometimes called crypto-jacking, is fast gaining in popularity with criminals (there are more legitimate uses too). The code that carries out the task of mining can be propagated by malware and placed directly within computer systems, or it can be placed on websites by hackers to mine using victims’ machines through browsers.

A report from Skybox Security last year found that the method now account for 32 percent of all cyberattacks, while ransomware only makes up 8 percent.

In 2017, Skybox found that the situation was almost exactly reversed. While ransomware attacks – in which the data on an individual’s computer is encrypted by malware and only unlocked upon payment of a fee – made up 32 percent of all attacks, cryptojacking represented 7 percent of the total at the time.

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