Tag: Mining

A New Type of Cyberattack is on the Rise: Cryptojacking

Indri Schaelicke | United States

As technology continues to advance, our lives are becoming more and more comfortable. Technology allows us to spend less time and energy doing basic tasks by automating them. Perhaps the most revolutionary invention of all time is the Internet, with many services being brought into the digital realm. It is now possible to buy products online from halfway around the world and do all of our banking from web-based apps and websites, tasks that a few decades ago might have taken hours to days to complete in the real world. Being able to do these tasks efficiently allows us to increase our productivity as we direct our scarce resources towards other ends. However, as more services are moved online and our use of the internet increases, so does the risk of cyberattacks and fraud. A new type of dangerous cyberattack is on the rise: Cryptojacking.

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Kodak Raising Crypto Funds for Image Copyright Blockchain

Eli Ridder | @EliRidder

Kodak, famed for its photography products, is working with Wenn Digital in raising money for its blockchain image copyright system in a token offering for a partner cryptocurrency. 

On May 21, the Wenn-created KODAKCoin will be offered to the public with the aim of raising $50 million USD and to fund the KODAKOne blockchain that seeks to protect the copyright of image media registered on the platform.

Shares in Kodak bounced upwards to $13.25 in January when the Wenn deal was announced, before dropping to below half that when news of the blockchain’s rollout delay was announced due to regulatory issues.

“We really took a step back and decided that we would ensure that all Ts were crossed and Is dotted before we embark on a public sale,” Cam Chell, chairman and co-founder of KODAKOne, told Reuters news agency in an interview.

“I think $50 million is our sweet spot,” Mr. Chell said.

Blockchain is the digital system behind the likes of Bitcoin, and is a shared database of information that maintained and kept in check by a network of computers connected to the internet.

A similar strategy was utilized by Filecoin in the late summer and early Autumn of last year, and some $200 million was raised by the network that facilitates the storage, retrieval and transmission of data, reported Reuters.


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Bitcoin At $64,000 Next Year? Don’t Rule It Out.

By Nick Hamilton | United States

As we start to finally hit the middle of 2018, some are already making bold predictions for Bitcoin’s price in 2019. One of those, an investment firm called Fundstrat, predicts that it could reach as high as $64,000 by the end of 2019; over six times it’s current value. The New York based firm made these assertions in a report written up by Sam Doctor. Doctor is one of the firm’s Managing Director and Quanta-mental Strategists.

The report asserts that the expected price will be around $36,000 for one bitcoin. However, the expected range of the price will be from as low as $20,000 to as high as $64,000. Their reasoning, however, is different from many other predictions that we’ve seen this year.

The rationale has to do with mining, which is a computer solving mathematical equations and getting rewarded for it with cryptocurrency. In order for this to occur, the computer relies on something called “hash power,” or power to guess the solution. Fundstrat projects a 350% increase in this hash power. Thus, the price of Bitcoin will rise.

“We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range,” Doctor said in his report. “The primary net sellers, in our view, are bitcoin miners, and the rest are transactions between investors.”

Now, the real question is whether the currency will be able to sustain that number when it hits that mark. Bitcoin has proven to have some difficulties sustaining itself, dropping over $10,000 in just a few months. However, with this new innovation in hash power, Bitcoin could absolutely explode in the next couple of years.

As of Thursday, May 10th, the cryptocurrency has fallen 1.55% to $8,290.


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North Carolina Sends Cease and Desist Order to Cryptocurrency Mining Company

By Mason Mohon | @mohonofficial

The state of North Carolina sent a cease and desist letter to cryptocurrency mining company Power Mining Pool (PMP) last week. It was found that PMP was in violation of multiple parts of the securities act:

The Securities Division found that PMP is violating the Securities Act by: a. offering unregistered securities in the form of ‘mining pool shares;’ b. offering securities while it is not registered to do so; and c. making material misstatements when offering securities.

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Human Body Heat is Being Harvested to Mine Cryptocurrency

By Jason Patterson | NETHERLANDS

A relatively new German  startup has been using the body heat of volunteers to mine cryptocurrencies in a project reminiscent of “The Matrix.”

A  business venture based in The Hague, Netherlands, called Ioho has utilized specially-designed bodysuits to turn excess body heat into digital currency since the beginning of 2015.

On their website, they claim that. “A single human body at rest radiates 100 watts of excess heat…We created a body-suit that uses thermoelectric generators to harvest the temperature differential between the human body and ambient and converts it into usable electricity. The electricity generated is then fed to a computer that produces cryptocurrency. ”

The company claims that it has chosen its pursuits solely on alternative coins such as Dash and Lisk, and not coins like Bitcoin, given the relatively low energy requirements needed for mining.

They have gotten more than 37 volunteers that have apparently produced $127,210 over the course of 212 hours since the project’s inception.

During one interview, with Motherboard’s Daniel Oberhaus, IoHO founder Manuel Beltrán explained the idea of the company, how it works and how it has grown.

“We never mined bitcoins because it would be useless to produce them with human heat,” Beltrán said. “We exclusively mined altcoins and some of them have risen over 46,000% in value. What in the beginning were just small cents now became substantial amounts of money.”

Volunteers were permitted to keep 80 percent while the remaining 20 were kept by the IoHO.

Oberhaus claims that if they decided to use and go in the direction of Bitcoin, it would have taken more than 44,000 volunteers spending 24 hours per day in the bodysuit for one month to achieve the number of funds they have presently met.

“To do 1 bitcoin per month with IoHO’s tech—which in terms of efficiency is on par with most affordable wearable thermoelectric generators available today—you’d need around 44,000 people providing their body energy 24/7,” Oberhaus writes.

The bodysuits from IoHo are claimed to only be capable of harvesting less than 1 percent of the body heat made by the volunteers.

The website also reads “Machines are outing us…As some time ago happened to horses after the invention of the steam engine, humans are becoming obsolete to perform mechanical labor, soon, with the advance of artificial intelligence, it will also affect our possibilities to be useful workers performing intellectual labor.”