Nicehash mining pool hacked, payout system compromised

Nicehash mining pool hack officially confirmed, payout wallet with 4449 BTC now empty
07 December 2017   2994

Around midnight Nicehash mining pool was hacked. The result – payout wallet had been emptied by unknown party. Right now, the pool's website is down for maintenance with official press release in place. According to them, the security breach is being investigated right now.

The net is ripe with rumor about this incident. The best guess, confirmed as of now, was that Nicehash Bitcoin payout wallet have been stolen. While the staff didn't release any information about exact amount, the pool's patrons across social media conclude, that the pool's wallet had 4449 BTC and all the money were gradually transferred to another account during several days and sent away to wipe the trail. If the guess is correct, than the logical question would be why no one from Nicehash noticed the transfers during that time, and the investigation, internal and by the local authorities, began only when the wallet balance hit zero?

The official press release doesn't disclose such information, only citing, that appropriate authorities and local law enforcement have been notified and everything in their power is being done to restore site and pool operations.

In response to the security breach of that magnitude the pool's website has been shut down and hasn't come online as of yet. By users’ reports, all the mining operations have also been suspended until further notice. Users can't log in to view their payout balances, and the note on the site strongly recommends to change online passwords, as a precaution.

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   283

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.