NiceHash returned bitcoins stolen by hackers to users
The mining service NiceHash has fully compensated users, returning them 4,640 BTC stolen during a hacker attack in December 2017. NiceHash platform allows you to rent hashing power from miners who connect their equipment to the pool server. On December 6, 2017, the service was hacked by hackers who managed to withdraw 4,640 BTC.
At that time, the cost of the stolen cryptoassets was $ 65 million. The site restored its working capacity only two weeks later. In February 2018, NiceHash management launched a compensation program for affected users. In August of the same year, the firm announced that it had reimbursed 60% of the stolen funds to its clients. In December last year, NiceHash management suspended compensation, as it was paid through fees collected, which significantly reduced the firm's bottom line.
In a recent address to users, NiceHash CEO Martin Škorjanc announced full payment of the debt to users. However, the hackers who carried out the attack have not yet been found. According to Skoryants, the firm gradually compensated the damage to clients, transferring certain amounts to their accounts, if possible.
“For the last three years, we have spent the profit we received not on the development of our company, but for settlements with users. But we do not regret it, because now we owe nothing to anyone. We also settled tax liabilities and the stolen 4,640 bitcoins are now in user accounts. For us, this marks the beginning of a new era of growth and development, ” wrote Skoryants, thanking NiceHash clients for their trust and patience.
As a reminder, last year the US FBI accused the founder of NiceHash, Matjaž Škorjanc, of extortion, fraud and the creation of a forum for cybercriminals, Darkode.
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Genesis mining will use heat from BTC mining to heat greenhouses
Genesis Mining has created special mining containers that will connect to the greenhouses through a ventilation system used to transfer excess energy. According to calculations carried out at the Luleå Technical University, a 550 kW container will be enough to heat a greenhouse of 300 square meters. even in cold Swedish climates.
Mining company Genesis Mining has announced the launch of a pilot project to use surplus energy from bitcoin mining to heat greenhouses in the Swedish city of Buden.
However, Andreas Johansson, a senior lecturer at the Luleå Technical University, said that the potential of these containers could be three times greater - with an increase in the capacity of the data center, heat dissipation from mining could heat an area of up to 900 square meters.
Genesis Mining management announced that the project has been in development for over a year. It is aimed not only at recycling excess energy waste, but also at developing the food and vegetable industry in the Swedish city of Buden. Mattias Vesterlund, Senior Researcher at the Swedish Research Institutes Network (RISE), explained that a 1MW data center could increase the independence of local vegetable markets by 8% by introducing more competitive products.
In addition to Genesis Mining and its subsidiary Hashpower For Science, the project has received support from the international ventilation and air conditioning equipment manufacturer Systemair, Luleå Technical University, RISE, the Boden Business Agency and local governments. Genesis Mining CEO and co-founder Marco Streng said the cryptocurrency industry is changing the world for the better, but it shouldn't be at the expense of the environment. Therefore, Strang hopes that the pilot project will be successfully tested.
Boden Business Agency's director of data center development, Nils Lindh, believes the project will provide an opportunity to expand the local food processing industry and at the same time promote energy efficiency.
“This is a kind of effective symbiosis of different industries: cryptocurrency mining, growing and production of products, as well as energy. In case of successful testing, the project can be applied to large commercial production, ”said Lindh.
Last year, Braiins researchers conducted a study comparing the power consumption of Bitcoin mining and mainstream video games. They concluded that video games consumed 46% more electricity in November 2019 compared to Bitcoin mining. However, according to the Ohio State Oak Ridge Institute, Bitcoin mining consumed three times as much energy in 2018 as gold mining.
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Riot Blockchain To Test Immersion Cooling For ASIC Miners In Texas
Riot Blockchain mining company will test new immersion cooling technology for ASIC miners in Texas to improve solutions for efficient mining in challenging temperature conditions.
According to the press release, Riot Blockchain is launching an initiative to test its 8MW immersion cooling technology to "assess its potential to improve performance and reduce the cost of mining cryptocurrencies in Texas." Testing is scheduled to begin in Q1 2021.
Riot Blockchain CEO Jeff McGonegal said that if successful, the company plans to "roll out immersion cooling on a larger scale over time, especially in warmer climates where cooling is a major concern."
Immersion cooling provides a significant reduction in noise compared to fan cooling. It can also increase the usable hashrate per device by up to 50%, extend the lifespan of some ASIC miners, and allow miners to install more devices in the same room.
As noted by the co-founder of the mining company Luxor Technology Ethan Vera (Ethan Vera), miners mainly use fan cooling. But "in areas of high temperature and low humidity, immersion cooling is used as a cost-effective strategy to reduce temperatures."
In hot and humid regions like Texas, Ethan Vera says immersion cooling is "the preferred method because it eliminates heat, dust and humidity problems."
The Riot Blockchain pilot program involves two bitcoin mining hardware and software companies - Enigma and Lancium. The companies are providing technologies that Riot Blockchain plans to test.
As a reminder, in October, Riot Blockchain acquired another 2,500 Antminer S19 Pro ASIC miners from BitmainTech. The company plans to quadruple its hash rate by mid-2021.