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Ethereum Miners are the best targets for Hackers, ETH mining is not profitable

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Down by 94% from its ATH, and currently trading at $87, Ethereum ETH mining has become a nightmare for miners. Hackers target Ethereum miners the most.

Down by 94% from its ATH, and currently trading at $87, Ethereum ETH mining has become a nightmare for miners. ETH mining is not only non-profitable but Ethereum miners are the best targets for crypto hackers according to a new report by ZDNet.


These crypto hackers are using a new way to steal your Ethereum with an enormous scanning effort to choose Ethereum wallets and ETH miners with an explicit vulnerability.

As per the report by ZDNet, crypto programmers are focusing on Etherum wallet and mining equipment through devices with an uncovered port 8545, the standard port for the JSON-RPC interface — an automatic API that sits on the nearby gadget and can be utilized to an inquiry for mining-related data.

Ethereum engineers had cautioned clients about the risks of uncovering the JSON-RPC interface when utilizing mining gear and Ethereum programming, educating clients to empower a secret word for the interface or enact a firewall to channel web traffic going to the powerless port.

By structure, the JSON-RPC interface doesn’t accompany a default secret phrase. It’s subject to clients setting one, which they once in a while do. For Ethereum wallets or mining gear whose port is left uncovered on the web, programmers can send directions to the API and remotely exchange assets out of the wallets.

The report expresses that mining rigs makers and Ethereum wallet engineers have done their bit to confine the harm caused by this risky interface by notice clients of the need to include a secret word. Others have gone the outrageous course of expelling the interface through and through, however, since this was certifiably not an assembled exertion, the issue holds on.

While there had been a lot of Ethereum scanning efforts in the course of the most recent two years, this is the first run through outputs have been accounted for in a bear advertise. Truth be told, the report refers to information from Tory Mursch, fellow benefactor of Bad Packets LLC, who told the news outlet that the output crusades tripled in December, contrasted with a month ago, when prices were steady.

 

“Despite the price of cryptocurrency crashing into the gutter, free money is still free, even if it’s pennies a day.”

 

Last year alone, hackers stole $32 million from Ethereum wallers using a small bug in multi-signature wallets. Is Ethereum really ready for medium and large-scale adoption with these vulnerabilities? Or is ETH a useless asset? Comment below.

#Ethereum

Analysis: Will Ethereum Rise in 2019?

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There is a great possibility that the price of Ethereum might never rise again, At least not to the figures it earlier achieved.

Bitcoin and Ethereum have been leading the cryptocurrency market for quite some time. While bitcoin blockchain’s main motive is to track the transactions, Ethereum’s main motive is to run the codes of DEX or decentralized apps.

While most people feel that bitcoin will always lead the cryptocurrency market, some believe the cryptocurrencies such as Ethereum might overtake bitcoin in the future. Currently, a group of companies known as Enterprise Ethereum Alliance supports the Ethereum blockchain who are working hard to improve the overall functionality of the blockchain.

 

Can Ethereum rise in 2019?

While Bitcoin is a store of value and most people use bitcoin as a form of investment, Ethereum is mostly used by software companies for development of their own dapps.

Ethereum saw a tremendous rise in price as well as in market capitalization during the ICO era which might have ended last year. In 2017, there was a boom in the overall ICO market and most Initial Coin Offerings collected their investments in the form of Ethereum. This had led to a massive demand for ETH as investors had to purchase ETH first in order to invest in other initial coin offerings.

Ethereum Price Chart

Ethereum Price Chart

The price of Ethereum reached more than $1400 at the start of 2018 and people started to feel that Ethereum might even overtake bitcoin soon. However, as months passed in the year 2018, both the price and the market capitalization of ETH experienced a massive mall which might be related to the end of ICO era. Cryptocurrency analysts also believe that the massive selling of Ethereum by Initial Coin Offerings who had been storing them as investments was the main reason for the fall in the price of ETH. Thousands of ICOs started selling their ETH holdings when they saw a bear market coming upfront.

 

Why ETH might never rise again:

There is a great possibility that the price of Ethereum might never rise again, At least not to the figures it earlier achieved. One of the reasons for this is the rising popularity of other blockchain platforms such as TRON who are direct competitors to ETH and some are even performing a lot better than Ethereum. The overall development of ETH blockchain seems to be quite slow and thus people have started to adopt other blockchains which are more suitable for their products and perform better than the Ethereum blockchain.

 

Another big reason why Ethereum might not rise again is the end of the ICO era. The number of initial coin offerings has seen a tremendous decrease last year and even lower this year. Also, the interest of investors has shifted from Initial Coin Offerings now as they do not see a safe and profitable future in investing in ICOs. As one of the major reasons for the rise of ETH was the ICO market and now with the end of the ICO era, Ethereum might never see those robust bulls again.

 

The following article is not financial advice. Readers are requested to do their own research and analysis before making any investment decisions in the cryptocurrency market which is highly volatile.

 

What do you feel about the future of Ethereum? Tell us in the comments section below.

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Ethereum is not a Security: SEC Chairman confirms Commission Staff Analysis

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Jay Clayton, the Chairman of the SEC and an American attorney gave confirmation on the Commission Staff’s Analysis that said that cryptocurrencies such as Ethereum are not securities.

 

Ethereum like tokens are not securities:

The SEC chairman has responded to a letter signed which was signed by Tedd Budd and several other colleagues after asking that whether the policy that would put forward last year by William Hinman, the director of the Divison of Corporate Finance should be regarded as the policy of the SEC or just a judgment of the Securities and Exchange Commission’s staff.

Jay Clayton responded to the letter by stating that he agrees to the statements of William Hinman that was made during the June 2018 speech that concern the digital tokens or cryptocurrencies. He said that he agrees that if a digital token is offered as security is not fixed (static). It might be offered first as security as it might meet the definition of an instrument contract, however, the position might change over time if the digital token is offered in a manner that does not represent that definition anymore. He agreed with William Hinman’s clarification about how the digital token might not represent the definition of an instrument contract.

 

The response letter by SEC Chairman Jay Clayton:

jay-clayton-response-1

jay-clayton-response-2

 

jay-clayton-response-3

 

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2100 Ethereum accidentally sent as fee: Mining Pool returns half

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A user had accidentally sent 2100 Ethereum as a transaction fee which was verified by Sparkpool. Sparkpool asked the user to verify himself.

A user had accidentally sent 2100 Ethereum as a transaction fee which was verified by Sparkpool. According to Sparkpool, they on 25th February, they received an email claiming that the user had mistakenly sent 2100 Ethereum as mining fee on 19th February which was more than $300,000.

 

What happened next?

Sparkpool was generous enough to reply to the email asking the user to verify himself as the owner of the ethereum account from which the transaction was made. Sparkpool asked the user to send 0.022517 ETH on the mining pool’s ethereum address from the same address (0x587ecf600d304f831201c30ea0845118dd57516e) from which the transaction was made.

According to what Sparkpool asked him to do, the user sent the same amount of ETH (0.022517) to Sparkpool’s address on the same day to confirm his identity as the owner of the address. After confirmation, Sparkpool negotiated on the term that they are going to keep half of the amount of ETH i.e. 1050 ETH for the pool miners and the rest half they are going to return to the user.

The user sent another transaction to Sparkpool’s address to confirm the negotiation made by Sparkpool. This transaction was worth 0.666 ETH and also contained a coded paragraph in which the user thanked Sparkpool and their miners for helping them and that they are willing to share 1050 ETH with the miners after which Sparkpool returned 1050 ETH to the user.

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