Preliminary tests suggest Nvidia RTX 3000 series may take AMD’s mining crown

The newly released generation of Nvidia graphics cards, the RTX 3000 series, is generating some buzz among miners as it is expected to be a vast improvement over the previous generations. While the cards were initially speculated to be only a minor upgrade, new information seems to confirm that they could reach hash rates of around 100 Megahashes per second for Ethereum and Ethash mining. This would be more than a two-fold improvement over many of the top-of-the-line cards offered on the market today by both Nvidia and AMD. According…

Venezuelan Government Plans to Regulate All Bitcoin Mining

Key Takeaways New rules in Venezuela will legalize cryptocurrency mining but impose heavy restrictions on miners. The country will create a registry of miners and a central mining pool to control the industry. Venezuela has also cracked down on mining in the past. Share this article Regulators in Venezuela have introduced a mandate that will regulate all Bitcoin and crypto mining. The new rules have been published in Venezuela’s Official Gazette, file #41,969. The New Rules Though the mandate legalizes mining, all residents who want to mine Bitcoin must first obtain…

Crypto mining activities are now regulated by the Venezuelan gov

Venezuela’s National Superintendency of Crypto Assets and Related Activities, or SUNACRIP, has issued the first decree to officially regulate all crypto mining activities. In order to qualify, miners will need to meet specific requirements. An official announcement was first published in the Gaceta Oficial and signed by the head of the SUNACRIP, Joselit Ramirez. It stated that residents in Venezuela who are interested in mining Bitcoin (BTC) and other cryptocurrencies must request a license and join the so-called “national pool.” The legal framework asks people to disclose what kind of…

Former government contractor avoids jail for mining crypto at work

A former government contractor in Australia who mined crypto using state-owned supercomputers has avoided jail time.  According to The Sydney Morning Herald, Jonathan Khoo was ordered to complete 300 hours of community service for installing code on two supercomputers run by Australia’s Commonwealth Scientific and Industrial Research Organisation, or CSIRO, to mine cryptocurrency.  Khoo was able to mine AU$9,420 worth of cryptocurrencies and deposited these to his Ethereum and Monero wallets in 2018.  CSIRO, which conducts scientific and technological research for the Australian government, said Khoo’s actions diverted needed computing…

Abkhazia government blames illegal crypto mining for energy crisis

Abkhazia, a de facto state in the South Caucasus, continues to face an energy crisis. The head of the region’s national energy provider recently blamed increased crypto mining activity for the problems. According to Jam News, the government’s year-old ban on crypto mining has not been respected nor enforced by the local authorities, with miners continuing to take advantage of the area’s low energy costs. Ruslan Kvarchia, director of operational and technological management of Chernomorenergo, Abkhazia’s official energy company, said: “Total capacity of the mining equipment operating in the republic…

This crypto mining operator was named Bitmain’s sole North American cooperative repair center

Crypto mining operator Core Scientific is set to become the first North American cooperative repair center for major crypto mining hardware manufacturer, Bitmain. According to an announcement shared with Cointelegraph, the company will offer repair services for Bitmain’s machines. The company says that this will reduce costs associated with shipping hardware to Asia, and curtail the time it takes to fix Bitmain’s proprietary hardware. Core Scientific will also be able to perform repairs on out-of-warranty machines, with engineers certified by the Bitmain’s Ant Training Academy. Speaking with Cointelegraph, Taras Kulyk,…

Philippines SEC warns of ‘cloud mining’ Ponzi related to Bitcoin Vault

The Philippines SEC has released an official warning about Bitcoin (BTC) “cloud mining” company Mining City, advising the public to steer clear of the scheme and others like it. Despite the official condemnation, the price of a related cryptocurrency is on the rise. The warning describes the company as an unlicensed entity in the country and said it was not functioning “in accordance with guidelines for virtual currency exchanges,” stating: “The aforementioned scheme used by Mining City clearly shows an indication of a possible Ponzi scheme in which new investor…

Many cloud servers are still at high risk of being hijacked for crypto mining

According to a study published by cybersecurity firm, Aqua Security, cloud servers remain a major target for cryptojacking — a type of attack whose main motivation is to mine cryptocurrencies. The “2020 Cloud Native Threat Report” states that between the second half of 2019 and the first half of 2020, attacks of this nature surged by 250%. In total, 95% of the 16,371 attacks registered during this period were related to cryptojacking. The perpetrators of this type of exploit rely heavily on the use of XMRig, a well-known Monero (XMR)…

Crypto mining and remote work drive GPU sales boom in Russia

Graphic cards’ sales in Russia are surging amid an increase in remote work as well as the apparent growth in cryptocurrency mining, a new report says. According to several local retailers like Citilink and Svyaznoy, crypto mining-related sales of graphic cards in Russia notably surged in August 2020, Kommersant reported on Sept. 14. Alexey Rusakov, an executive at local tech distributor Citilink, told Kommersant that sales from mining-enabled graphic cards have spiked 49% in August. This comes in line with a two-fold increase in sales by tech giant Nvidia on a year-on-year…

Developers propose a solution against ‘stealth mining’ to Ethereum Classic community

Earlier today, Dexaran presented its solution to the Ethereum Classic (ETC) community aimed at preventing future 51% attacks. The presentation came a week after Cardano’s IOHK introduced its checkpointing proposal. Dexaran notably used IOHK’s Crowdcast channel for its competing solution. This new proposal is founded on the assumption that many 51% attacks involve so-called “stealth mining”, where an attacker, in isolation, would secretly mine a longer fork of the chain. This technique was used in a recent attack on the ETC, which cost OKEx $5.6 million. The proposal hinges on the…