Cryptocurrency Miner Spreading via Facebook

Trend Micro Inc. found a new cryptocurrency-mining bot which mines Monero coins in the background while infected users browse the Internet
22 December 2017   4232

Trend Micro Inc. ,a Japanese multinational cyber security company founded in Los Angeles, published a report yesterday, stating that the company found a new cryptocurrency-mining bot spreading through Facebook Messenger. 

Digmine, as it was called, appears in the chat as not a built-in video file. When the user activates the file, the so-called video downloads components from a remote server to install the Chrome extension. Then the extension uses personal Facebook data to send it to friends of the user.

Digmine mines cryptocurrency in the background, while infected users browse the Internet. The component for mining, represented as codec.exe on a PC, is a modified version of Monero Miner with open source code called XMRig. It remains in contact with the remote server while it generates Monero coins.

Digmine Digmine’s attack chain

According to Trend Micro, Digmine is spreading in many regions such as South Korea, Vietnam, Azerbaijan, Ukraine, Vietnam, Philippines, Thailand, and Venezuela.

98% of Mining Devices to Become Junk, - Analyst

Expert says upcoming hashrate increase will make 98% of devices, used for mining now, a rubbish
02 March 2020   166

Despite the fact that the Bitcoin mining industry is still profitable, its environmental impact cannot be underestimated. So, according to a study by PWC blockchain expert and Digiconomist blog author Alex de Fries, 98% of existing equipment will become useless over time and become huge heaps of electronic waste, The Sunday Telegraph reports.

The shocking thing is the average lifetime of a bitcoin mining machine is one and a half years, because we have a new generation of machines which are better at doing these calculations.

 

Alex de Vries

Founder of the Digiconomist

According to TradeBlock analysts, after the upcoming halving in May, the price of bitcoin should rise to $ 15,062 in order to provide miners with at least break-even work. And this is subject to an upgrade of at least 30% of the current Antminer S17 + models from Bitmain.

Alex de Vries, however, believes that amid a growing hashrate, 98% of ASIC devices that have only one use case will simply become unnecessary.

According to him, the bitcoin industry already produces more than 10 kilotons of electronic waste per year, which is more than the whole of Luxembourg, and it is expected that after halving this number will only increase.

 Another problem that the researcher draws attention to is the huge amount of electricity consumed by bitcoin. Today, this indicator exceeds the amount of electricity consumed by a country such as Chile (77.78 terawatt hours), and only one BTC transaction emits more carbon dioxide than 780,650 transactions in Visa payment network.

People react with disbelief, but the figures are true.

 

Alex de Vries

Founder of the Digiconomist