Mining Malware to Become More Popular Than Ransomware

Mining Malware to Become More Popular Than Ransomware
19 July 2018   1590

Information security company Skybox Security released a report according to which the share of hidden mining malware exceeded the share of previously popular ransomware.

It is reported that at the moment 32% of all cyber attacks are made by hidden miners, while ransomware occupy only 8% of the "computer attacks" market.

Researchers also pay attention to the extent to which the trends in the criminal cyber community have changed: in the second half of 2017 the ransomware made up a third of all attacks, and viruses-miners - only 7%.

Ransomware received a lot of attention in years past, especially thanks to the likes of WannaCry, NotPetya and BadRabbit. To some extent, organizations took note and put effective precautions in place, ensuring they had reliable back-ups and even thwarting attackers with decryption programs. So cybercriminals found — in cryptomining— a path of lesser resistance. The recent uptick in value of cryptocurrencies also made this an incredibly profitable attack option.
 

Marina Kidron

Director of Threat Intelligence, Skybox

Experts of Skybox Security note another reason for the decline in the popularity of ransomware. In their opinion, this is due to the fact that even after paying the requested amount to the ransomware, the data was often still encrypted. Also antivirus programs also help to fight against ransomware.

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   282

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.