Bitmain Continues to Downsize Amid Management Restructuring Reports

Bitmain Continues to Downsize Amid Management Restructuring Reports

News
Chinese crypto mining juggernaut Bitmain has taken a substantial hit in the recent crypto crash, leading to negative consequences for the company on many fronts. Just today, a source has confirmed with Bitcoin Magazine that the company is shutting down its offices in Amsterdam.Throughout December 2018, for example, like many companies in the crypto space, Bitmain appeared to be gearing up for a wave of layoffs. With employees taking to semi-anonymous, Chinese forums to describe their experiences, reports claimed that entire departments were completely shuttered, and about half of the entire workforce was due to be sacked. Indeed, Bitmain began the month by shutting down all operations in Israel, despite success in that country since 2016.In December, a Bitmain spokesperson told Bitcoin Magazine: “There has been some adjustment to our…
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Despite Bear Market, Crypto Mining Malware Tops Threat Index for 13th Month Running

Despite Bear Market, Crypto Mining Malware Tops Threat Index for 13th Month Running

News, Tech
Three strains of crypto mining malware have topped the latest Global Threat Index from Israeli cybersecurity firm Check Point. Three strains of crypto mining malware have topped the latest Global Threat Index from Israeli cybersecurity firm Check Point, according to a press release published on Jan. 14.Check Point Software Technologies Ltd. is a security solution provider for governments and enterprises globally, with over 100,000 organizations reported to be currently using its security management system.As reported, stealth crypto mining attacks — also known as cryptojacking — work by installing malware that uses a computer’s processing power to mine for cryptocurrencies without the owner’s consent or knowledge.According to Check Point’s Global Threat Index for December 2018, the top three most wanted malware strains were all cryptojacking-related — with Coinhive, a web browser-based…
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Bitmain’s Uncertain Future: Suspends Bitcoin Mining Amid Senior Management Shakedown

Bitmain’s Uncertain Future: Suspends Bitcoin Mining Amid Senior Management Shakedown

Bitcoin, News, Tech
Bitmain, the world’s largest cryptocurrency mining hardware manufacturer, has had tumultuous few months. The company is going through a significant senior management shuffle and is now reported to shut suspend operations in Rockdale, Texas. Operations Suspended?  Bitmain is reportedly suspending its’ its operations in the town of Rockdale located east of the city of Austin, Texas. The future of what was once supposed to be the biggest US-based cryptocurrency mine now seems uncertain at best. Speaking on the matter was Milam County Judge Steve Young, who said: “I’m really disappointed because we had advertised this. We had waited for this. We had wanted this. We had welcomed this. […] This was huge; we need some positive news here. We need some jobs here. We need a tax base here, and…
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Malware Study Claims Criminals Mined 4.4 Percent of Monero, Less Than Previously Thought

Malware Study Claims Criminals Mined 4.4 Percent of Monero, Less Than Previously Thought

News
Previous estimates had put the mining malware figure at around 5 percent, but authors of the latest study claim their calculations are more reliable. Cryptocurrency mining malware is responsible for less of the supply of altcoin Monero (XMR) in circulation than previously thought, new research published Jan. 3 claims.A joint effort by researchers at King’s College London and Carlos III University in Madrid, Spain, the study analyzed huge swathes of malware over a twelve-year period.“In this paper, we conduct the largest measurement of crypto-mining malware to date, analyzing approximately 4.4 million malware samples (1 million malicious miners),” authors Sergio Pastrana and Guillermo Suarez-Tangil confirm.According to their calculations, Monero, which continues to be a favorite target for malicious mining operations, has an illicit supply of around 4.36 percent — or roughly…
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Overview of the Crypto Mining Industry in 2018: Will the Struggles Extend to 2019?

Overview of the Crypto Mining Industry in 2018: Will the Struggles Extend to 2019?

News, Tech
Major mining conglomerates in the crypto sector recorded large losses, struggling to deal with market conditions. 2018 has been a difficult year for Bitcoin and crypto miners. Some of the largest multi-billion dollar businesses in Asia recorded losses in the range of hundreds of millions of dollars.As Japanese internet conglomerate GMO and the industry’s largest mining equipment manufacturer, Bitmain, reportedly struggled throughout the year, the entire sector is said to have ended the year with significant losses, following the trend of the two companies.$320 million loss for GMOGMO, one of the most influential internet companies in Japan, recorded a loss of over $320 million in the fourth quarter of 2018. Following what the company described as an “unexpected loss,” the firm officially pulled out of its mining business. In June,…
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Crypto Mining Giant Canaan Eyes New York IPO After Hong Kong Snub

Crypto Mining Giant Canaan Eyes New York IPO After Hong Kong Snub

News, Tech
The world’s second-largest manufacturer of cryptocurrency mining hardware, Canaan Creative, is now considering going public in the United States rather than in Hong Kong, Bloomberg reports. According to sources who spoke to the business publication, the ASIC manufacturer is looking into the possibility of holding its initial public offering (IPO) in New York in the The post Crypto Mining Giant Canaan Eyes New York IPO After Hong Kong Snub appeared first on CCN
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Government of Abkhazia Cuts Off Power to 15 Cryptocurrency Mining Facilities

Government of Abkhazia Cuts Off Power to 15 Cryptocurrency Mining Facilities

News, Tech
The government of Abkhazia has cut off power to 15 crypto mining farms due to concerns over electricity consumption. The government of the Republic of Abkhazia has cut power to some cryptocurrency mining farms due to electricity concerns, state electric utility Chernomorenergo RUE announced in a Facebook post on Dec. 31.Per the announcement, Chernomorenergo cut power to 15 facilities with a total capacity of 8,950 kilowatt-hours (kWh), which is purportedly equivalent to the electricity consumption of 1,800 households. The cuts were made as part of a series of “temporary measures to limit the consumption of electricity by certain categories of subscribers." Chernomorenergo also notes that, following the cuts, owners of the mining farms showed understanding and collaboration.Regulators worldwide have expressed concerns over the cryptocurrency mining industry’s electricity consumption. In November,…
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