Bitcoin rate fluctuations due to cyberattacks

Cyberattacks have big effect on Bitcoin's exchange rate 
28 June 2017   998
Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.

There is a big drawdown at the crypto-exchange markets since the beginning of the week. Some currencies lost about 20%, even Bitcoin's rate declined. At the same time, new ransomware called "Petya" copies the behavior of WannCry. Virus locks PCs and demands 300$ in Bitcoin for unlock. 

WannaCry attack in May and it's Bitcoin request spread panic all over the world. Also, it showed that a lot of institutes and big companies use outdated software, for example, British National Health Service used unsupported Windows XP.

Victims want to get their files back. New users are forced to create wallets. The number of injections in Bitcoin will increase. More money, more willing to buy - above the price. More active users - network utility increases. It is the same as in May, when in a short period of time Bitcoin not only regained its positions, but also overcame the highs.

As mentioned above, it is drawdown now. So buying a cryptocurrency is profitable. Bitcoin now is good for long-term investments. But it will also affect short-term deposits. Some experts talk that Petya, as WannCry, is used for speculations.

wannacry map spreadWannaCry Spread Map

Large amount of WannaCry attacks drew enough fiat money to Bitcoin, so, this theory has a right to exist. Hackers can use it to earn money on exchange rate fluctuations.

 

On these charts, you can see the Bitcoin's exchange rate before and during the May's attack. 

Argo to Report on Mining Profitability Increase in Q2

It was also reported that by the end of June, company owns about £ 3 million in crypto assets, which is 7.7% higher than expected
03 July 2019   225

The British mining company Argo Blockchain published a financial report for the second quarter of 2019, according to which its revenues increased significantly in the second quarter, exceeding its own expectations.

So, in comparison with the previous report, published in early June, the income from mining Argo Blockchain increased by 24%. The increase in profitability from mining at the same time turned out to be proportional to the increase in the Bitcoin price observed during the recent period.

The Company now expects to generate 161 BTC, or GBP1.38m of cryptoassets, in June based on a BTC price of $10,817.16 USD as of 30 June 2019. This is an increase of approximately 101% from the Company's May mining results and represents a mining margin of roughly 81%. The Company considers that this demonstrates that the Company is one of the most efficient miners in the market.
 

Argo Blockchain Team

Argo Blockchain also said that as of the end of June, the company owns about £ 3 million in cryptocurrency assets, which is 7.7% higher than expected.

Also Argo Blockchain intends to expand its activities. In particular, the company plans to deploy another 2500 miners in Quebec by the end of the third quarter, which is also expected to significantly increase revenues.

Our better-than-expected mining performance reflects both improving industry conditions as well as Argo's business strategy, which has enabled it to rapidly ramp up operations and thereby take full advantage of the upturn. As a result, we enter the third quarter with a strong momentum to deliver further growth and improving mining efficiency.
 

Mike Edwards

Executive chairman, Argo

It should be noted Argo Blockchain was the first cryptocurrency company, the placement of shares of which was approved by the London Stock Exchange last June.