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5% of All Monero Currently In Circulation Has Been Mined Using Malware (bleepingcomputer.com)
An anonymous reader writes: According to a report released yesterday, criminal groups have mined an approximate total of 798,613.33 Monero coins (XMR) using malware on infected devices. That's over $108 million in US currency, just from coin-mining operations alone. This sum also represents around 5% of all the Monero currently in circulation -- 15,962,350 XMR. Furthermore, during the past year, infected devices were responsible for 19,503,823.54 hashes/second, which is roughly 2% of the entire hashing power of the Monero network. The total hashrate of roughly 19MH/s would result in approximately $30,443 per day based on today's current exchange rates and network difficulty," researchers said. "Similarly, the top three hash-rates will mine approximately $2,737, $2,022 and $1,596 per day, respectively."
Leaving our ally South Korea stunned by the end of military exercises, Donald Trump signed a surrender of the United States to North Korea on Sunday.
Trump's commanding officer Vladimir Putin weighed in, calling the American surrender, a great accomplishment for Donald Trump, and other treasonous Americans.
Jihad is duty of all Muslims. It is written in the Qu'ran. Praise be to Allah.
The bleeping computer!
Who would use such money?
Monero is one of the few cryptocurrencies out there that can still be mined reasonably well with the CPU instead of a GPU or an ASIC. That makes it a good profit center for malware authors, since almost any PC out there can mine it reasonably well.
If one uses the rule of thumb that the cost to hash for a cryptocurrency ought to be just below break-even with the reward then this is remarkable. I would assume these illegal miners are done without regard to such efficiency. If they are ten times less than an efficient miner then the cost in electricity would be $1 billion!!!. It's hard to beleive that much activity would go unnoticed. It's a bigger annual power bill than many countries.
Some drink at the fountain of knowledge. Others just gargle.
If I divide that by 10 cents/KW-hour then: 1 Billion dollars/ 0.1 = 1E10 killowatt hours = 1E14 Watt-hours = 11 gigawatt-years
that's the entire output of 11 gigawatt class power plants.
Some drink at the fountain of knowledge. Others just gargle.
Go back to cash or bartering.
another way to look at this would be to suppose most people have a PC chugging along at 100 watts. so 11 giga-watt years would be 100 million PCs running full time for 1 year. I'd assume that these PCs can't possibly be running full time. they probably go to sleep. So if they are used only 6 hours per day then multiple that by 4.
I note that all along here i've assumed a 10 fold inefficiency in the covert miners. but even if you dropped that factor it's still a lot. Moreover this is only 5% of the Monero. to get all of it multiply the total by 20, so were back to about the same values (give or take factors of 2).
The loop hole here is that some of this was mined when the mining was cheap but were evaluating the total value at the current price. You can't actually sell all that currency at once and not have the price drop. So the pirates were probably selling it off all along not hording it. Which means they did not actually make the currently captitalized value of $100 million
Some drink at the fountain of knowledge. Others just gargle.
See subject SOYBoy (rotflmao) in your UNIDENTIFIABLE anonymous "courageous" trolling you "not man" - LMAO!
(You know - I understand your SOYMilk & Bisphenol A "notman" SOYBoy formulas have addled your brains but that takes the cake for "illogic logic" from "your kind", lol!)
* Trump making you get all "triggered" when you see your addled thinking fools nobody but your sick in the head chemically NEUTERED (lol) selves, lmao!
APK
P.S.=> Classic - one for my bookmarks... apk
lol what?
This sounds like Donald Trump CRYING and getting butt-hurt that the Canadian President wasn't nice to him. Whahh. CRY SOME MORE, loser.
Unlike Donald Trump you can't surrender to North Korea to feed your ego.
You will never rise above the status of "treason-cuck" APK. Eunuchs like yourself are always "triggered" by reality.
Your host files are broken, just like your soul.
Boom. Fucking nailed it... br
... at some point in time? How much of the money in bank accounts or 10-USD-bills was payment for some illegal activity at some point in time?
Definitely all interesting questions, but like the article headline, the answers would not really tell us much about the nature or usability of the respective currency.
On the other hand over 95% of US currency has been used to buy drugs or other illegal activities,
See subject (lol) & the viral hit by "The SoyBoyz": ''If you're going to TransManCisco? Be sure you wear your jimmyhats + bring Preparation H there. If you're going, to TransManCisco... You're going to meet a lot of transtesticle monsters and soyboy not men there. All across the nation: Surgical sawblade vibrations! Surgeons in motion, Sawing peckers + ball off tossing them into the SF Bay Ocean...'
* They're playing YOUR SONG again - hahahaha classic!
(Only way "your kind" would EVER get any notice &/or notoriety...)
APK
P.S.=> Quit projecting your own mental issues onto me as you cut & paste MY posts all over /. ... apk
POOR imitation of me = sincerest form of flattery (which only shows you are losers doing it, nothing more, with idle time on your hands (the devil's workshop)).
APK
P.S.=> What sort of a PUSSY does that? YOU DO, pussy impersonating me... apk
With some cyber efforts to mine now needing ASIC just to get started people are looking for new ways in with the CPU and GPU they have.
Something to start for the consumer who wants to mine that still is open and has room to grow.
No halls filled with ASIC, in a nation with "free" power due to their failed developing nation exchange rate and math that can only still be done for profit on ASIC.
Domestic spying is now "Benign Information Gathering"
Maybe this way people will be incentives to secure their machines. Overall this could reduce the number of bot nets.
Are (any) fiat-currency and (any) cryptocurrency really equivalent, as cryptocurrency fans claim?
For example, US Dollar and Bitcoin are really equals?
Value/validity/authorization of US dollar is provided/guaranteed by US Government (and in-turn whole US Public)!
Also, not to mention, US Dollars in any US Bank is insured by US Government!
What authorization/guarantee/insurance is behind Bitcoin? Nothing!
Sorry but that is the end of discussion then!
Why do you think Satoshi Nakamoto is really hiding his identity, if Bitcoin is really such a great innovation?
He is just someone does not like media/fan attention?
Or, could it be really because Bitcoin (and all cryptocurrencies followed it) are actually Ponzi Schemes?
(So he knew very well that law enforcement would come after him sooner or later?!)
If so-called cryptocurrencies are really good innovation, why they attract so many criminals/criminal activity?
Could it really be because, all cryptocurrencies themselves are scams, and that is why they attract all kinds of criminals/criminal activity?
If so-called cryptocurrencies are really currency, why no company/store can use Bitcoin as currency anymore?
Because the price of Bitcoin proved to be extremely unstable to use as a currency?
Would the result be different, if Bitcoin replaced by any other "cryptocurrency"?
Aren't all work the same way?
If so-called cryptocurrencies are really money; isn't people issuing their own money, illegal already, in all countries?
If so then, why they are still not banned in all countries?
Or, they are not actually virtual currency but virtual investment?
But, if they are actually investment, why we need/want them?
What would happen to world economy, if people invested in virtual investments, instead of real investments?
Or, all so-called cryptocurrencies are actually just a modified (made decentralized and paying variable interest) Ponzi Schemes?
(Price of cryptocurrencies would keep increasing in the long term (by their design), so it is equivalent of paying variable interest to all long term investors.)
Also, since all so-called cryptocurrencies are actually financial scams (Ponzi Schemes), that means, they cannot be the solution for any of existing financial problems of our world!
As more and more people invest in cryptocurrencies, it will become harder and harder to ban their trading everywhere (because people invested in cryptocurrencies, would try to stop anyone trying to ban cryptocurrencies)!
All cryptocurrencies need to be banned globally before it is too late!
Gold used as payment for illegal activity? Probably not very much. Gold makes a poor currency, always has. When you consider 1 gram is worth around 50 bucks, and when you consider how small an amount of metal 1 gram of gold is, it's just too hard to work with.
No, silver makes much better currency.
Man, crooks make millions of dollars and I just want to be a Congressman and make poverty go away.
Support my political activism on Patreon.
Tether was used to artificially inflate bitcoin prices, according a study released Wednesday by the University of Texas.