Malicious Bitmain Website Shows up in Facebook’s Advertisements

Cryptocurrency users have become a prone target for cybercriminals these nefarious individuals often target exchanges and digital wallets. However, it seems there is a malicious social media campaign related to a Bitmain phishing website as well. The site looks and feels like the real deal, but it is clearly a fake. Users need to be aware of these problems and remain vigilant at all times. Cryptocurrency mining is very popular and people aren’t always browsing the correct websites.

The number of phishing attacks against cryptocurrency users has grown significantly. Over the past few years, we have seen numerous attempts at causing financial damage. Exchanges and trading platforms will remain the main target right now. However, someone is trying to trick users into order mining equipment from a fake Bitmain website. Considering how the company is the world’s largest manufacturer of such hardware, it is only normal criminals try to mimic it.

Beware of Fake Bitmain Ads on Facebook

Anyone who gets caught up in this fake website will lose their money. Although it is unclear how many victims there, one Reddit user pointed this issue out to us. More specifically, he lost 0.33 BTC due to this fake Bitmain website. It seems the nefarious site uses a different spelling of the “n” in the Bitmain name. This also makes the domain name look more legitimate compared to using a slightly different company name. A very problematic development, and one that should not be allowed tot to take place.

Unlike previous phishing sites, the fake Bitmain isn’t found on Google. There are no paid search engine advertisements when looking for the company by name. Instead, it can only be found on Facebook. Given the popularity of social media, it is normal criminals will try their hand at this new method. No one knows for sure how long the ad has been running for, though. Moreover, it remains unclear if this ad targets users in specific countries.

All things considered, cryptocurrency users need to be more careful than ever before. Any platform or email can contain malicious ads for services which seem legitimate. Bitmain is the latest victim in the ongoing attack by cybercriminals against cryptocurrency enthusiasts. It is unfortunate sites like these are even approved by Facebook. Big companies often don’t have the right staff in place to remain ahead of these phishing sites. It will not be the last of its kind either.

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Bitcoin companies are always looking to expand their presence. This is especially true for mining hardware manufacturers. Bitmain is the number one company in this particular industry right now. They recently announced a plan to set up shop in Zug, the Crypto Valley capital. An interesting decision by the Chinese company. It is evident this little part of Switzerland has attracted a lot of attention in quick succession. It may even become the European hub of all cryptocurrency activity.

Crypto Valley has quickly become a phenomenon in the cryptocurrency world. This minor part of Switzerland is very open-minded to blockchain and digital currencies. It’s also possible to pay for some public services using Bitcoin. Furthermore, the local “government” introduces a code of conduct for ICO projects not too long ago. The positive momentum just keeps trucking along in the Crypto Valley. Especially now that Bitmain has decided to open a branch in Zug as well.

Crypto Valley Welcomes Bitmain

For the Chinese manufacturer, this is not their first overseas expansion. The company has offices in various countries around the world as we speak. Adding Switzerland to this list simply makes sense at this point. More specifically, the global expansion for Bitmain means gaining a foothold in Europe as well. Right now, Crypto Valley in Switzerland is the place to be for anything cryptocurrency-related. In the long run, this new hub will allow the mining hardware manufacturer to provide better services to their customers.

Bitmain is confident their Swiss branch will play a critical role in the company’s ongoing global expansion. Although the manufacturing of devices will remain in Chinese hands, a European office helps move things along rather nicely. Zug is one of the regions with “good legal stability and friendly regulation”, according to the company. So far, Crypto Valley has made a lasting impression on the cryptocurrency industry. Whether or not other European regions will follow this example in the future, remains to be determined.

The current plan of action involves Bitmain offer a higher employment rate throughout Crypto Valley. Additionally, they want to actively communicate with self-regulatory organizations and Finma as well. For now, it remains a bit unclear what types of services the manufacturer will provide in Switzerland. Many people tend to forget they also have various software products which can be of great interest. An exciting future lies ahead for Crypto Valley and Bitmain.

Mining farms owners understand the advantages offered by modern mining equipment with its high performance and reduced energy consumption characterstics. Therefore, they looked forward to the announcement of the entry of a new Antminer L3+ into the market, so that they can upgrade their farms.

Bitmain released Antminer L3+ only in April-2017, it is sold as a limited edition offering — only to order making it impossible to find them on the open market. It is no wonder that today Antminer L3+ is the most powerful Scrypt-ASIC miner with 288 chips and the highest hash rate in comparison with its analogues. It has a small payback period even when used at home farms – and in large data centers, there are thousands of such miners that can start to bring net income to owners even earlier. Therefore preorders for Antminer L3+ considerably exceed the volume of released batches. Besides dealers  interfered the process buying out miners for resale at  price several times increased.  

How Do Dealers Influence Farm Equipment Payback

While dealers establish Antminer L3+ price much higher than producers, the equipment payback period considerably increases. Respectively, receiving income is postponed also. Therefore those who want to gain income as fast as possible prefer to invest not in an upgrade of old ones, but in new projects, the equipment for which is already purchased and installed. One of such projects is the TerraMiner – the largest mining farm in China. The first stage of its equipment is already tested and will be launched closer to New year. The equipment of the second stage now undergoes the mounting process. It was purchased directly from producers at the optimum price – therefore investors will begin to make profits in three months. This profit is predicted to be at the level of 300%. Cryptoinvestors can buy project tokens already now on the website terraminer.online. Within October their cost will be $5, since November, 1 the price will be raised.

Rumor has it that Bitmain will introduce new cryptocurrency mining equipment soon. The company is best known for their Bitcoin mining hardware these days. However, they also sell miners for Litecoin and Dash as we speak. The new rigs are mainly focused on proving GPU-based hardware for Ethereum mining. An interesting venture, although it remains to be seen whether or not there is any truth to the rumors.

GPU mining has picked up again in recent months. Hundreds of people all over the world are looking to buy as many graphics cards as possible. With these cards, they mine popular altcoins, including Ethereum and ZCash. However, it is difficult to purchase large amounts of cards at a decent price these days. The growing demand for GPUs has caused global stocks to take a big hit. Bitmain is trying to capitalize on this market as we speak, by the look of things. Do keep in mind the following information has not been officially confirmed by the company at this time.

A Bold Move by Bitmain At a Crucial Time

Rumor has it two new Ethereum-oriented mining rigs will be sold by the company soon. Both of these products include a number of NVIDIA or AMD video cards. They are labeled as the G1 and G2 units, which can achieve a hashrate of 200 to 220 Mhash/second respectively. Do keep in mind these units come without a power supply, as that has to be provided by the user themselves. This may prove to be quite challenging, considering powering 8 of these GPUs will not be all that easy. Then again, it is possible the company will provide a solution in this regard once we get closer to the launch date.

As we have come to expect from Bitmain, the new units are packaged neatly. Their G1 weighs 12.5kg, whereas the G2 is slightly heavier and may include a power supply already. However, we have no idea how much power these machines will draw from the wall at peak performance. Given the GPUs used, a wattage of 1,500 or more is not entirely impossible. It will be expensive to operate be such a rig, to say the least. Moreover, they will generate a ton of noise and heat as well.

Pricing has been rumored to be around $2,850 for the G1 unit and $3,016 for the G2. The price difference is pretty small considering the G2 is 10% more powerful than the G1. Then again, it remains to be seen how well all of these units perform when they are effectively delivered to customers. Further specifics regarding the GPU’s remain shrouded in mystery. We do know the NVIDIA is a GTX1060 and the AMD card is an  RX570. However, their precise specifications are unknown right now. It will be interesting to see if these are actual products sold by Bitmain, that much is certain.

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There are many things we can learn from the initial launch of Bitcoin Cash. First of all, a lot of people sold their coins too early and will regret that decision by now. Secondly, Bitmain has no plans to support BHC for the time being. Otherwise, they would have mined at least one network block, which is not the case. This paints an interesting future for SegWit2x moving forward as well.

Putting all of the Bitcoin Cash price talks aside for a moment, there are some interesting facts. First of all, hardly anyone seems to mine BCH at this point. Not entirely surprising, as it is not exactly profitable to do so. Despite BCH going up in value, most miners wouldn’t even remotely break even. Even if they earn a marginal amount of Bitcoin through mining, that remains a more favorable option compared to Bitcoin Cash for now.

SegWit2x Remains a Priority for Bitmain

Secondly, it is surprising to see Bitmain not support Bitcoin Cash. Many people assumed the hardware manufacturer would jump on this bandwagon. That is not the case, as Bitmain has not mined a single BCH block on the network. It doesn’t appear their pool gives miners the choice either at this point. For all intents and purposes, the company will honor the SegWit2x agreement. A more than welcome surprise, all things considered. This stance can change at any given time, though.

Assuming that is the case, SegWit2x becomes all the more important. The Bitcoin network came together to lock in the activation of Segregated Witness. Earlier this week, the user-activated soft fork went into effect as well. That did not shake up the network in any capacity, though. In fact, one could say BIP148 went by pretty much unnoticed. The next hurdle on the agenda is SegWit2x, a solution that will introduce 2MB blocks through a fork in a few months from now.

It will be interesting to see how SegWit2x plays out in the end. Although the Bitcoin network will finally get Segregated Witness, the 2MB fork can still cause some issues. Another chain split is not expected at this time, yet a lot can change over the next few months. Only time will tell how all of these “battles” will play out. Bitcoin Cash may not even be relevant anymore by that time. It may also have reached parity with Bitcoin. No one can predict what will happen. These are very exciting times for cryptocurrency enthusiasts, that much is evident.

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It is evident there are quite a few different opinions on the future of Bitcoin. Eric Lombrozo recently issued some very strong comments regarding this situation. In fact, he feels Bitmain needs to “fall in line” regarding the scaling of Bitcoin. A very interesting tweet, although it will undoubtedly unleash a flurry of insults among Bitcoin users.

Eric Lombrozo Is Worried About Bitmain

It is evident Eric Lombrozo is tired about the current stalemate Bitcoin finds itself in. Over the past week or so, he publicly stated he will support Barry Silbert’s plan to make Bitcoin scale. It also appears quite a few companies and service providers are on board. However, Lombrozo is not staying quiet, as he feels things need to shift into a higher gear. Publicly calling out Bitmain may not be the best course of action, though.

Being outspoken about this plan is only to be expected. After all, this debacle has gone on for far too long already. Bitcoin needs to grow and evolve, and it is due time for the shenanigans to end. That is much easier said than done, though. Eric Lombrozo feels Bitmain is a big part in making Silbert’s scaling solution succeed. So much even, he called out the company on Twitter to make sure they get the message.

While it is evident what he is trying to say, the way Eric Lombrozo goes about it will create a lot of bad blood. Telling people to “fall in line’ is rather troubling. It almost makes people sound like they aim to control Bitcoin. While that is not necessarily the case, it is not hard to see why people would think so. Moreover, vowing to help the ecosystem “get rid of Bitmain” is a rather strong sentiment as well.

It is evident Lombrozo feels the company poses a risk of making Bitcoin scale. It will be quite interesting to see how this statement affects the success of Silbert’s scaling proposal. Political shenanigans are the last thing Bitcoin needs right now. Angering other parties is not the best course of action either. Now is the time to come together for the greater good of Bitcoin. Unfortunately, it appears that will not happen anytime soon. The battle of egos continues unabated, while the community continues to suffer from high fees and delayed transactions.

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BitMain — the leading Bitcoin mining hardware manufacturer was all over the news yesterday following the discovery of a security flaw, named Antbleed. The increased negative publicity and concerns among the cryptocurrency mining community have forced BitMain to apologize publicly and offer a background about the Antbleed issue.

According to the company, the “so-called” security flaw was supposed to be a feature in development which didn’t see the light of the day. The feature that allows owners (and possibly others) to shut down the miners remotely was introduced to offer users with greater control over the platform. But it was never completed after the development team ran into some issues. If completed the remote access and shutdown feature would have been similar to the feature provided by mobile phone manufacturers said the company in its latest blog post. The post also offers information about few instances where such a feature would have come in handy.

“This feature was intended to allow the owners of Antminer to remotely shut down their miners that may have been stolen or hijacked by their hosting service provider, and to also provide law enforcement agencies with more tracking information in such cases. We never intended to use this feature on any Antminer without authorization from its owner. This is similar to the remote erase or shutdown feature provided by most famous smartphone manufacturers.”

The Antbleed bug affects over 70 percent of all the hardware miners that are part of the Bitcoin network, which makes up to about 50 percent of the total hashing power. The hardware miners affected by Antbleed includes Antminer S9, Antminer R4, Antminer T9, Antminer L3 and Antminer L3+.

In order to prevent hackers and cybercriminals from misusing the vulnerability, BitMain has announced the release of a new updated source code and firmware upgrade to remove the bug. The firmware upgrade is available in the blog post (update link) as well as the company’s website.

BitMain may have had the best intentions when it introduced a partially built feature into the codebase. But it failed to complete the feature or remove the codes after deciding to drop the feature. By not doing so, it had left the whole Bitcoin network vulnerable to attacks. The details of security flaw are now out there in public, and it is in the best interests of the miners as well as Bitcoin network to ensure every BitMain device operator upgrades the firmware to secure their equipment.

Ref: BitMain Blog | Image: NewsBTC

BitMain is one of the leading Bitcoin mining equipment manufacturers in the world. The company’s AntMiner range of specialized hardware mining equipment makes up for over 70 percent of all the mining hardware, which could be at risk following the discovery of Antbleed security flaw.

According to reports, the serious security issue can potentially affect all BitMain devices, disrupting the Bitcoin mining operation. Antbleed is the name given to a backdoor in the device software that allows AntMiner range of equipment including S9, T9, and R4 platforms to be shut down remotely.

The Antbleed backdoor can be misused to interfere with the equipment’s built-in authentication system. All AntMiner devices have an inbuilt authentication feature where the machines communicate with BitMain’s servers at frequent intervals ranging from one to eleven minutes. During the process, the equipment’s identifier message along with the serial number, MAC address and IP address are sent to the servers. Upon receiving the message, the server is supposed to ping back with approval. If the BitMain server finds any discrepancy in the miner’s communication, it will send a “false” response code that stops the device from mining.

Speaking about the Antbleed threat which was originally a feature, one of BItMain’s representatives said,

“The code running on the machines is open source; everyone can review it so no secret features exist in it. The code that was pointed out is a feature to allow owners of the AntMiners to be able to remotely control their miners. It is not a secret and it does not provide any kind of remote control to BitMain for the AntMiners it does not own or operate in its own mining farms.”

While BitMain has downplayed the seriousness of the issue, the community believes otherwise. Some think that given the practice of BitMain to collect user information, anyone with the right set of tools and the backdoor code, readily available on Pastebin and GitHub can target specific machines to prevent them from mining Bitcoin. It can also leave BitMain users susceptible to hacking and hijacking attacks.

Ref: IBT | Image: NewsBTC

The leading Bitcoin mining hardware developer, Bitmain has announced the launch of a new Bitcoin mining pool. The mining pool named ConnectBTC is the company’s very first Bitcoin mining pool to be based away from China.

The Beijing, China-based Bitmain’s ConnectBTC mining pool is developed and maintained by the company’s research and development facility based out of Israel — Bitmaintech Israel. The company announced the new development in its latest blog post a few days ago. According to the blog, the ConnectBTC mining pool puts more power into the hands of mining community by providing them with real-time information and analytics.

The real-time information and analytics will come in handy for miners to keep track of their equipment performance and make necessary changes without relying on custom monitoring tools. In the blog post, ConnectBTC’s Manager Gadi Glikberg explains the difference between Bitmain’s latest mining pool and other currently available mining pools by saying,

“Our role as pools is to provide miners with liquidity and stability. We provide miners with real-time data in an easy to use UI while keeping payment plans simple and stable. In recent years, pools have come up with imaginative new payout methods that confuse customers and displace risks back to the miners. High subsidies on regular PPS plans allow miners to benefit from the increase in transaction fees while avoiding any risks.”

The mining pool, as well as the Bitmain’s Israel R&D Center, is managed by Glikberg who used be the vice president of sales at one of Israel’s budding cryptocurrency hardware startup Spondoolies Tech. With the introduction of ConnectBTC mining pool, Bitmain has further increased its influence on the Bitcoin network. The company already operates the largest mining pool, AntPool which commands over 15 percent of the total hashing power.

Bitmain’s ConnectBTC pool is open for Bitcoin miners to join, without having to configure the settings of their equipment manually. In the coming days, we can expect more information about the performance of the new mining pool as compared with others.

Ref: Bitmain Blog | Image: NewsBTC

The Bitcoin community is getting impatient of Bitcoin Core. Thanks to delayed transactions and increasing Bitcoin miner fees. The digital currency has been suffering from mempool backlogs for some time now. Bitcoin transactions in many cases are taking as long as 24 hours to receive confirmations in the current scenario. These unresolved issues, which has been around for years now has got Bitcoin miners thinking about moving from Core to Unlimited.

The Bitcoin community has been debating about the block size and scalability issues for a while now. Many proposals (BIPs) like Bitcoin XT, Bitcoin Unlimited (at one time) and others have been shot down due to lack of consensus among the community members. With no relief in sight, Bitcoin Unlimited has slowly emerged as miners’ favorite. Bitcoin Unlimited, proposed by the “Bitcoin Jesus” Roger Ver has gained support from some of the popular Bitcoin miners. Recently, the world’s largest mining pool — AntPool announced its decision to support Bitcoin Unlimited.

Wu Jihan, the co-founder of BitMain — the largest Bitcoin mining hardware manufacturer and AntPool — largest mining pool was quoted in leading news outlets saying,

“We will switch our entire pool to Bitcoin Unlimited. We can’t tell how the hard fork will play out. We will only know by the time we get there.”

The decision of AntPool to join Bitcoin Unlimited takes the Bitcoin network one step closer to a hard fork. AntPool currently commands over 15% of the total hashing power, and its move will significantly impact the Bitcoin Core. Seeing the leading miner move to Bitcoin Unlimited, other mining pools (smaller or bigger) may also decide to follow suit. If it does happen, then Bitcoin Unlimited will gain the required 60%-70% support, activating a hard fork.

While some believe that increasing the block size is an answer to scaling the Bitcoin blockchain, Core developers disagree. They have introduced SegWit, a scalability solution, which is yet to gain enough traction among the community.

However, going by what happened with Ethereum, when it was hard-forked, even the Bitcoin Unlimited fork could result in two different versions of Bitcoin. Among the two which one will gain more followers is something, only time will decide. Meanwhile, if the scalability solution is not implemented soon, it is only a matter of time before Bitcoin loses out to some other altcoin.

Ref: Bloomberg | Image: NewsBTC