Cloud Mining

Hackers Target Github Server Infrastructure to Mine Cryptocurrencies

07/04/2021 by Idelto Editor

Github services is under investigation after a series of reports on attacks against one of its infrastructures by running unauthorized crypto mining apps. Cybercriminals allegedly exploited some security flaws that could have been exploited to mine cryptos illicitly.

Attacks Exploit ‘Github Actions’

According to The Record, a Dutch security engineer, Justin Perdok, detected a cyberattacker targeting repositories belonging to Github. Attacks have been taking place since November 2020, said the report.

Perdok pointed out that the series of attacks “abused a Github feature called Github Actions,” which allows users to automatically execute workflows and tasks only when a specific event happens and then pull the trigger on the repositories.

That said, threat actors are taking advantage of the repositories where Github Actions are already enabled. The Record provided details on how the attack takes place:

The attack involves forking a legitimate repository, adding malicious GitHub Actions to the original code, and then filing a Pull Request with the original repository in order to merge the code back into the original.

However, the engineer clarified that the attacker just needs to fill the “Pull Request” to deploy the malicious workflows. Once it’s loaded, Github’s systems will be cheated, as it will read the attacker’s code and then download a crypto-mining software automatically.

100 Crypto Mining Apps Deployed in One Single Attack

But the malicious campaign seems to be powerful than thought, as Perdok told The Reported that he already detected hackers deploying almost 100 crypto-mining apps – such as Srbminer – in one single attack to mine multiple cryptocurrencies.

Still, the attack seems not to pose a danger to the users’ projects on the platform.

Github already commented on the matter, saying that they’re aware of the issue and “are actively investigating.” However, Perdok stated Github provided him that same comment last year when he reported the flaw.

What do you think about this flaw in Github’s infrastructure? Let us know in the comments section below.

Nicehash Crypto Mining Pool ‘Fully’ Reimburses All Users Affected by 2017 Hack

19/12/2020 by Idelto Editor

A Slovenian cryptocurrency mining pool and trading platform announced that they’ve managed to fully compensate their users affected by a hacking attack that took place in December 2017, which took over 4,600 bitcoins.

Nicehash ‘Fully’ Reimburses Users Affected in 2017 Hack

According to the letter published by Martin Škorjanc, CEO of Nicehash, the company “fully” reimbursed all its user affected in what they called the “largest theft in Slovenian history,” and said that still unknown criminals stole 4,640 bitcoins from our users, worth 55 million at the time and over 100 million US dollars today, during a security breach.

Nicehash was hacked on December 6, 2017, when its website went down and it was forced to interrupt all its operations. At the time, the company said in a Reddit post that “our payment system was compromised, and the contents of the Nicehash bitcoin wallet have been stolen.” The platform was back online just two weeks after the security breach.

Škorjanc added more comments on the letter addressing the reimbursement process:

At the time, many tried to convince us that there was no solution for us. A flock of various consultants and experts began circulating us, persistently telling us that our story was over. Everybody started offering us different ways to shut down the company most elegantly and make the most of the collapse.

No Indications on Who Are the Authors of the Cyberattack

Slovenian police officials took the case as a criminal investigation right after the cybersecurity attack happened against Nicehash, who said they’re still working on the matter with international support, as hackers are usually based abroad.

However, there are no fresh updates on who the alleged culprits are behind the attack, nor indicate whether they’re state-sponsored hackers or not.

The Ljubljana-headquartered Nicehash claims to be the “largest crypto-mining marketplace.” The service connects sellers and buyers of hashing power.

Do you think that one day the authorities will be able to identify the authors of the theft of Nicehash’s bitcoins? Let us know in the comments section below.

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How to Mine Bitcoin in 2020

19/02/2020 by Idelto Editor

Bitcoin mining is a great way to earn cryptocurrency while providing a valuable service to the global network of users. Miners can set up a hardware operation by themselves or join forces with a large venture via cloud mining. If you are looking to enter this field in 2020, here is what you need to know about the business.

Also Read: Tradeblock Estimates Post-Halving Mining Cost of $12,500 per BTC

What Does It Take to Mine Bitcoin in 2020

Bitcoin mining is a transaction security and validation service done via distributed computer systems each racing to solve complex mathematical problems before the competition. Miners keep the global ledger consistent and immutable by repeatedly adding newly requested transactions into a block, which is then broadcast to the network and verified. For providing their valuable hashing power to the cryptocurrency network, miners are rewarded each time a new block is created by them in this fashion.

Anyone thinking about entering this line of work needs to know that long gone are the days where one could just mine bitcoin with a desktop PC or even an old laptop. These days, any profitable bitcoin mining is done via computer systems tailored exclusively for the task, professionally called application-specific integrated circuit (ASIC) miners.

The most popular bitcoin mining machines are the Antminer series from Bitmain, but there are additional hardware offerings from companies such as Microbt, Canaan, Ebang, and a few others. Take note that while some machines are available to be purchased off shelf already, or even immediately as second hand goods in online markets, when the newer models come out there is often a waiting period until they are shipped, and you need to take that into consideration.

Other than the upfront cost of the hardware, your main expense as a miner is electricity. The power is primarily for operation of the computer systems themselves, but also for ventilation and air conditioning systems that might be needed depending on the situation. This is why professional miners routinely migrate around the world to locations that can offer them an optimal combination of lower electricity prices and hospitable weather.

Once the hardware is all set up, you then need to direct your mining machines to a mining pool such as F2pool, Poolin, Btc.com, and Antpool. These are groupings of miners that compete to get a block together and share the rewards according to the contributed hashing power, thus spreading the work and streamlining the revenue for each one.

How to Start Cloud Mining With Bitcoin.com

An easier alternative to setting up your own mining operation is to go for cloud mining. This is a way to generate cryptocurrency that doesn’t require buying any expensive equipment, or installing the infrastructure needed for it. All you have to do is find a provider that you trust and buy a contract from them, which is in essence renting hash power in a dedicated facility. Bitcoin.com is one such provider, with a cloud mining service focused on bitcoin cash (BCH) and BTC.

The company offers a selection of contract lengths, currently starting from just six months and running up to two years, and if you already have your own mining hardware you can connect it to the pool as well. The service also includes an app for Android and iOS mobile devices, so you can keep track of earnings, hashrate, and other statistics related to your contracts right on your phone.

What do you think about the attractiveness of mining bitcoin in 2020? Share your thoughts in the comments section below.

Images courtesy of Shutterstock.

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Bitcoin Mining Operations Offer New Strategies Before Reward Reduction

10/12/2019 by Idelto Editor

Bitcoin Mining Operations Offer New Strategies Before the Reward Reduction

As the reward halving approaches, bitcoin miners are preparing new strategies so customers can reap the most profits from their hashrate services. On December 3, the mining operation Poolin introduced a hashrate auto-switch feature so clients can automatically switch between BTC and BCH mining. Moreover, a few days later at Bitmain’s annual customer appreciation meeting, the company’s CEO Jihan Wu explained the firm is offering three strategic mining offerings.

Also read: Mining Chip Maker Ebang Next in Line to File for US IPO

Poolin’s Auto-Switch Feature

Bitcoin mining is extremely competitive, and currently there’s a lot of processing power pointed at the SHA256 consensus networks BTC, BCH, and BSV. Ever since miners could choose between the BTC chain and the BCH chain, the profitability between those two networks has varied. For instance, at the time of publication, it is 2.5% more profitable to mine on the Bitcoin Cash blockchain, but this metric can change often.

Similarly, the profitability between BTC and BCH can vary against BSV as well. Most miners process blocks on both the BCH and BTC chains, but a few operations mine all three chains depending on profit changes. Just recently, the mining operation Poolin announced a new hashrate auto-switch feature that will automatically connect to the most profitable chain between BCH and BTC. Poolin says that BSV will be included in the near future as well. According to Poolin, the hashrate auto-switch functionality will only work with cryptocurrencies using the same algorithm.

“We are thrilled to provide this feature that will increase profits for our miners, this hashrate auto-switch continues in the direction that Poolin has been forging, mainly, bringing excellence to this industry and customer-first service,” Poolin’s VP Alejandro De La Torre announced.

The hashrate auto-switch feature was discussed on crypto-centric forums and one person asked if the switching feature would “make block time variance worse.” “Not really since just 2.8% of BCH miners are from Poolin. It’s mostly annoying for Bitcoin since its difficulty won’t adjust as fast to switching miners,” a BCH supporter replied.

Bitmain’s Three Strategies

Following the announcement from Poolin, Bitmain’s Jihan Wu revealed three new strategies for customers at the company’s annual customer appreciation meeting. Regional reports from China say that the Bitmain CEO introduced “installment payments,” “option hedging” and “joint mining” services. With the installment payment system, big facilities that purchase 100+ mining devices can put 50% down. Let’s say they want to purchase 5,000 mining rigs, then only a 20% down payment is required. However, the buyer needs to settle up seven days before the items are delivered. Jihan Wu also told attendees about the option hedging plan that will protect the price of bitcoin. He said that Bitmain plans to purchase options from the company Matrixport in order to combat price dumping. Local reports detail that the Bitmain option product is called the “Bitcoin 2020 / 3 / 27 35000 CNY Put Option.”

In addition to the installment payments and option hedging, Jihan Wu spoke about offering a joint mining service that lasts 12 months. Reportedly, Bitmain will provide S17 mining rigs and pay the electrical costs, but the buyer needs to provide a facility and maintenance personnel. “The income during the cooperation period is settled on a monthly basis, which is distributed as 25% for the partners and 75% for Bitmain,” 8btc columnist Vincent He explained. “If the revenue cannot offset the electricity charge, no distribution will be made.”

Structure Changes and New Mining Services Will Be Offered Prior to the Halving

It’s likely that many mining operations will change their structure and offer new features as signs of this trend have been cropping up six months before the reward halving. On Halloween, Bitcoin.com published a video of professional miners from around the world explaining what they think will happen when the block reward shrinks. The film included mining heavyweights like F2Pool’s Global Director Thomas Heller, Hyperblock’s CEO Sean Walsh, and Genesis Mining CEO Marco Streng. Some of the miners’ predictions in the video showed why SHA256 mining operations are trying to profit with new types of provisions like hashrate auto-switching and joint mining services.

“If you look at six months before the halving and six months after the halving in both previous instances you see a massive upward surge in the price of bitcoin,” Sean Walsh remarked in the film. “It is a bit scary being a miner and knowing that your revenue stream is gonna get cut in half overnight, but the exchange rate will more than compensate for the reduction in our bitcoin denominated revenue.”

What do you think about mining operations offering new types of services just before the halving takes place? Let us know what you think about this subject in the comments section below.

Disclaimer: This article is for informational purposes only. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Image credits: Shutterstock, Blockchain.com, Coin Dance Cash, news.8btc.com, Wiki Commons, Fair Use, Bitmain, and Pixabay.

Did you know you can earn BTC and BCH through Bitcoin Mining? If you already own hardware, connect it to our powerful Bitcoin mining pool. If not, you can easily get started through one of our flexible Bitcoin cloud mining contracts.

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A Short History of the World’s Largest Bitcoin Mining Pools

15/09/2019 by Idelto Editor

Mining pools grow and shrink, and rise and fall altogether. Today there are more extinct mining pools than there are active ones. The hashpower of the survivors secures hundreds of PoW crypto networks, from major coins such as BTC and BCH to obscure altcoins such as monero classic and “zelcash.” The following guide provides an insight into the origins of the world’s largest mining pools including their founders, geography, and ideology.

Also read: Big Banks Won’t Touch Crypto Clients – But These Smaller Banks Will

Mining Pools Near Their Nine-Year Anniversary

Mining pools have been in operation since late 2010, when they emerged as a means for solo miners to share their computing resources and increase their chances of discovering blocks. While a lot has changed in bitcoin mining since then, including the introduction of dedicated ASIC mining rigs and the rise of huge mining farms, the basic premise of pools remains the same. Save for a handful of privately operated exceptions, pools are open to anyone to join.

A Short History of the World’s Largest Bitcoin Mining Pools — BTC mining pool hashrate distribution for the last four days

In addition to the dominant SHA-256 mined coins such as BTC and BCH, there are dozens of altcoins that can be mined using algorithms such as the popular equihash. Mining pool 2miners.com, by way of example, records the hashrate and profitability for scores of equihash coins, its layout showing the sort of metrics that cryptocurrency miners have become accustomed to crunching in their quest to determine the most profitable coins. As mining pools near their nine-year anniversary, an examination of the nine largest BTC pools – most of which also mine coins such as BCH and ETH – captures the state of pooled mining today.

BTC.com

Founded: 2015

Owner: Bitmain

BTC hashrate (four-day average): 17.7%

Coins mined: BTC, BCH, ETH

History: Originally created by Bitrail to serve as a web wallet, BTC.com still provides mobile and desktop wallets as well as a block explorer and Bitcoin API. It’s best known for its mining pool though, which has been in the hands of Bitmain since being acquired by the mining manufacturer in July 2016.

Trivia: In June 2017, BTC.com appealed for the sender of a transaction with an 80 BTC fee attached to come forward, with the pool offering to return the accidental fee.

F2pool

Founded: April 2013

Founders: Discusfish and Wang Chun

BTC hashrate: 13.8%

Coins mined: BTC, LTC, ETH, ZEC, SCC, SC, DASH, XMR, DCR, XZC, AION

History: F2pool is China’s oldest bitcoin mining pool, and the second largest BTC pool in the world today after BTC.com. It also operates the third largest ethereum mining operation. As the Bitcoin Wiki explains, the F2pool was once known as Discus Fish on account of its coinbase signature of 七彩神仙鱼 (Discus Fish), the nickname of one of the operators. Today, F2pool captures 12.38 EH/s on the BTC network, 50.36 TH/s on LTC and 21.42 TH/s on ETH. The pool also provides Android and iOS apps and a range of tools including mining revenue comparisons.

Trivia: In 2014, F2pool controlled 25% of the BTC network and 31% of the LTC, leading to fears that it could launch a 51% attack.

Poolin

Founded: 2017

BTC hashrate: 13.3%

Coins mined: BTC, BCH, BSV, ZEC, LTC, DCR, DASH, XMR

History: Started by the founders of BTC.com, Poolin.com is another Chinese pool that’s overseen by a company called Blockin. One of the more innovative mining pools, Poolin has developed tools such as an auto-switch feature that alternates between BCH and BTC depending on which network is more profitable. It also operates a rather basic Lightning Network shop, mining profit calculator, and scores of other mining apps and tools.

Trivia: In June 2019, it was revealed that Bitmain was suing three former employees for violating a non-compete agreement by launching Poolin.

Antpool

Founded: 2014

Founders: Jihan Wu and Micree Zhan

BTC hashrate: 10.2%

Coins mined: BTC, BCH, LTC, ETH, ETC, ZEC, DASH, SCC, XMC, BTM

History: Another Bitmain-owned operation, Antpool is Jihan Wu’s original mining pool. It provides an array of advanced tools for experienced miners, particularly those who are mining at scale. Sub-account mining to a depth of three levels and anonymous mining are all supported, along with same-day payouts.

Trivia: Despite being accused of contributing to mining centralization, Bitmain launched Antpool in 2014 with a “commitment to help decentralize the bitcoin network … and put the majority of hashing power into the hands of consumers.”

Viabtc

Founded: 2016

Founder: Yang Haipo

BTC hashrate: 7.8%

Coins mined: BTC, BCH, BSV, LTC, ETH, ZEC, DASH, XMR, DCR

History: Like most mining pools, Viabtc provides a block explorer and wallet. Yet another Chinese pool, Viabtc has since expanded to offer staking services, enabling holders to earn a passive return on their PoS coins.

Trivia: Viabtc is famed as a major supporter of bigger blocks and in 2016 mined the first Bitcoin Unlimited block. It also proposed the name for Bitcoin Cash.

Slush Pool

Founded: 2010

BTC hashrate: 6.7%

Coins mined: BTC, ZEC

History: As the world’s first mining pool, Slush can trace its history all the way back to November 2010, when it was first proposed under the name Bitcoin Pooled Mining Server. Slush, which began as a one-man operation, has gone on to mine over 1 million BTC.

Trivia: In March 2018, Slush Pool mined the first BTC block using Asicboost technology.

BTC.top

Founded: 2017

Founder: Jiang Zhuoer

BTC hashrate: 5.6%

Coins mined: BTC, BCH

History: One of the more inscrutable Chinese pools, BTC.top operates as a private mining pool, and as such is off-limits to ordinary miners. While other Chinese pools attempt to translate their services into English, BTC.top doesn’t see the need, making the pool something of an enigma to westerners.

Trivia: In July, BTC.top CEO Jiang Zhuoer debated Craig Wright, calling BSV’s path “extreme” and the concept of locking the protocol back to the original 0.1 version “ridiculous.”

Bitfury

Founded: 2011

Founder: Valery Vavilov

Coins mined: BTC

History: Bitfury is an industrial mining company that created some of the earliest ASICs, and by 2014 was mining in a pool simply known as pool.io. By early June 2014, this pool, about half of whose hashpower came from Bitfury ASICs, controlled more than 51% of the BTC network, prompting the company to remove some of its power from the pool.

Trivia: Bitfury is a widely mistrusted company that has willingly collaborated with law enforcement to deanonymize bitcoin transactions and erode privacy.

Bitcoin.com

Founded: 2016

BTC hashrate: 0.6%

Coins mined: BTC, BCH

History: Bitcoin.com’s mining pool has been operational for three years, having launched on Sept. 21, 2016, with a mandate to push for bigger blocks. From day one, the Bitcoin.com pool could process blocks of up to 16MB, but would only mine 1MB at the time as that was all BTC’s consensus rules would accept. Today. Bitcoin.com offers hardware and cloud mining, with the latter manifesting as contracts ranging from six months to two years. Bitcoin.com provides its own mobile monitoring software, while the Bitcoin.com Wallet is a major product in its own right with over 4.7 million installs.

Trivia: Bitcoin.com mined the first BCH ABC block on Nov. 15, 2018 following the split with SV.

What are your thoughts on the various mining pools highlighted here? Let us know in the comments section below.

Images courtesy of Shutterstock and Blockchain.com

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