• Bitcoin sees profit-taking affect prices in early Monday Asian trading
  • Cryptojackers lose the fight against Ghost blockchain developers
  • Iran approves massive mining company to operate with 6,000 rigs

Bitcoin has not fared too well on Monday as profit taking seems to be the name of the game for Asian traders, taking Bitcoin from around USD 8,900 to a daily low of USD 8,539 (CoinDesk) where it now sits in Europe trading waiting to see where to go from here.

Just over a week remains until the Bitcoin reward halving event, so it may be that this is the final dip to buy before things truly heat up post halving, but speculation is only as good as the time that will tell, we like to say.

Meanwhile, the good news does not end with blockchain, and now in a victory against the malicious parties normally hogging the headlines, we see how the Ghost blogging platform has scored against a huge crypto mining malware attack in the past 24 hours.

Ghost developers put up a status update yesterday revealing how the early morning attack had occurred but how, under just four hours, a fix had been implemented successfully, with more monitoring going on round the clock.

Announced in a status update on May 3, the devs revealed that the attack occurred around 1:30 a.m. UTC. Within four hours, they had successfully implemented a fix and now continue to monitor the results. They said:

“The mining attempt spiked CPUs and quickly overloaded most of our systems, which alerted us to the issue immediately.”

An attacker had apparently targeted Ghost’s “Salt” server backend infrastructure, using an authentication bypass (CVE-2020-11651) and directory traversal (CVE-2020-11652) to successfully gain control of the master server. Nevertheless, Ghost developers said no credit card info had been stolen and that since no user credentials were stored in plaintext, nothing had been compromised.

Cryptojacking — the technical term given to this sort of attack, as equipment is hijacked and used to mine cryptocurrencies unbeknownst to the device owner — is rife with more users getting infected but the fight back by developers and other anti-malware firms has been picking up. This latest victory by Ghost that says they have achieved complete elimination of the threat means this scourge on crypto communities can be eradicated.

And not all is bad news for Bitcoiners in Iran, with the Islamic Republic’s Ministry of Industry, Mine and Trade having now granted a license for cryptocurrency mining. The beneficiary company is called iMiner and along with its 6,000 mining rigs, will now be legally allowed to operate in the country, making it among the biggest players in the country which has seen interest in Bitcoin soar as its local currency, Iranian rial, faces severe pressures of inflation thanks to long-term economic and banking sanctions imposed by the world’s powers.

iMiner is a Turkish company, and it has claimed to have invested almost USD 7.3 million into a Bitcoin mining farm in the Semnan Province of Iran. In total, its capacity of 6,000 rigs is capable of putting out some 96,000 terahashes per second (TH/s), giving each rig an average output of about 16TH/s. This checks out with the capacity of the Aladdin Miner which is advertised on the company’s website.

Notably, iMiner will also be offering trading and custodial services for Iran via Semnan and their offices established in the capital of Tehran.

The Iranian state has a somewhat love-hate relationship with Bitcoin and cryptocurrency. Originally banning it at one point, it has now authorized cryptocurrency mining as an industrial activity in July 2019, and so far more than 1,000 crypto mining licenses have been issued.

The worry from the state comes from its low prices of electricity, which they deem miners to have abused, and have even threatened to clamp down on them via public bounties.

Bitcoin itself is a boon to Iranians, and BitcoinNews.com has written much about Bitcoin being used to transfer money to Iranians living abroad when few outside banks would do business with Iranian-related transfers.

 

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