Cloud mining firm Bitfufu, one of Bitmain's crypto firms, is delaying for the second time its plans to go public via a special-purpose acquisition company (SPAC), according to a statement on Feb. 7. The company announced its plans to go public in January 2022 through a merger with the SPAC company Arisz Acquisition Corp, anticipating to be publicly listed in the third quarter of that year and a pro forma enterprise value of nearly $1.5 billion. The new decision will postpone the public listing to May, helping the companies to consummate the business combination. "The Extension provides Arisz with additional …

The severe winter storm in North America shut down Binance's cloud mining products between Dec. 24-26, according to an official announcement on Dec. 28. As a result of the power outage, the company announced that users' subscriptions to cloud mining products were extended for three days. Binance has noted that further outages as a result of the weather conditions will extend the duration of cloud mining subscriptions. The exchange's cloud mining service, launched nearly a month ago, allows users without mining equipment to earn mining rewards from Binance Pool. Subscriptions are required to buy hashrates and Bitcoin mining on Binance's …

Cloud computing giant Microsoft is taking measures to increase stability of its cloud services by forcing new restrictions for activities like cryptocurrency mining. Microsoft has quietly banned crypto mining from its online services in order to better protect its customers and clouds, British technology news agency The Register reported on Dec. 15. The company introduced the new restrictions as part of its universal license terms of Microsoft Online Services. Microsoft updated its acceptable use policy on Dec. 1 to clarify that “mining cryptocurrency is prohibited without prior Microsoft approval.” In the “Acceptable Use Policy” section, Microsoft said that it now …

The two founders of the now-defunct Bitcoin cloud miner HashFlare have been arrested in Estonia over their alleged involvement in a $575 million crypto fraud conspiracy. HashFlare was a cloud mining company created in 2015, which purported to allow customers to lease the company's hashing power in order to mine cryptocurrencies and gain an equivalent share of its profits. The company was seen as one of the leading names in the business at the time, but shut down its mining operations in Jul. 2018. However, according to a statement from the United States Department of Justice citing court document, the …

Cryptocurrencies like Bitcoin (BTC) are created using a distributed computing process called mining. Miners (the network participants) undertake mining to verify the legitimacy of transactions on the blockchain and ensure network security by preventing double-spending. In return for their efforts, miners are rewarded with a certain amount of BTC. There are various ways to mine cryptocurrencies, and this article will discuss how to get started with mobile crypto mining from the comfort of your home. What is crypto mining? Mining, a resource-intensive activity that often demands enormous computing power to solve a computational problem and add the next valid block …

In the early days of Bitcoin (BTC), crypto enthusiasts only required a basic personal computer with an internet connection to generate new BTC tokens through a distributed computing process known as mining. However, with more people chasing the same number of block rewards, Bitcoin’s mining process has become more challenging with time. In fact, the quantum of rewards will progressively reduce by half every four years, making it less rewarding for individual miners who will need to allocate greater computational resources with time. Available on blockchain protocols that employ a proof-of-work (PoW) consensus mechanism, this mining process requires application-specific integrated …

Just when the Ethereum ecosystem reached its final stages in preparing for the much-anticipated upgrade, The Merge, german cloud provider Hetzner, reiterated its stance against allowing mining operations for both proof-of-stake (PoS) and proof-of-work (PoW) applications. Hetzner, a private, centralized cloud provider, stepped in on a discussion around running blockchain nodes, highlighting its terms of services that prohibit customers from using the services for crypto activities. However, the Ethereum community perceived the revelation as a threat to the ecosystem as Hetzner’s cloud services host nearly 16% of the Ethereum nodes, as shown below. In crypto, the reliance on centralized service …

Cloud mining is the process of mining cryptocurrency without the direct use of mining equipment or hardware. The process allows users to mine Bitcoin or altcoins without having to manage their own resources. Related: What is an altcoin? A beginner’s guide to cryptocurrencies beyond Bitcoin In traditional crypto mining, cryptocurrency is produced through a computational process. Miners need to solve complex mathematical problems using mining hardware to be rewarded with coins. The process of cloud mining is similar, but instead of using their own resources, miners rent or buy resources from a service provider. As more players entered the cryptocurrency …

It’s a shot in the arm for Google Cloud users at risk of cryptocurrency mining attacks. The Google Cybersecurity Action Team (GCAT) has created a threat detection service to shield “poorly configured” accounts that attackers use to mine cryptocurrency. In a blog post, Google Cloud announced the Virtual Machine Threat Detection (VMTD) release in its Security Command Center (SCC) area. A means of scanning compute engines in Google Cloud, the VMTD successfully detects threats, including crypto-mining malware used inside virtual machines. Crypto-mining malware attacks, sometimes called “cryptojacking,” are an ongoing nuisance in the industry. While browser-based cryptojacking activity spiked in …

With Amazon Web Services (AWS) being one of the most popular cloud service providers on the planet, it's no surprise that Coinbase, a cryptocurrency exchange based in the United States, is attempting to capitalize on its success by developing its own cloud infrastructure solution, Coinbase Cloud. "We want to be the AWS of crypto," said Coinbase chief product officer Surojit Chatterjee in an exclusive interview with Forbes. "We are building this whole Coinbase Cloud suite of products that you can think of as crypto computing services to help developers build their applications faster." Before becoming Coinbase Cloud, the service was …

Bitdeer Technologies Holding Company, a Singapore-based Bitcoin (BTC) mining corporation, has announced that it has entered into a definitive merger agreement with Blue Safari Group Acquisition Corp. for a business combination of Blue Safari and the miner. According to the announcement, the two firms are expected to merge and be renamed Bitdeer Technologies Group, retaining their NASDAQ stock market listing. Bitdeer is a Singapore-based company that focuses on the cryptocurrency mining industry. The Bitcoin mining company currently has five proprietary mining data centers in the United States and Norway. According to the announcement, the transaction positions Bitdeer as a potential …

Bitcoin’s (BTC) rapid recovery above $46,000 has renewed calls for a $100,000 BTC price by the end of 2021, while the effects of China’s crackdown on the mining industry are slowly beginning to fade as the Bitcoin network hash rate shows signs of recovery. One of the side benefits of China’s crackdown is that it has lowered the barriers of entry into the Bitcoin mining space, which has been shown to provide profits in both bull and bear markets. Bitcoin mining is one of the few ways that investors can acquire BTC without directly purchasing it from the market, and …