Monero has made a name for itself when it comes to being a private cryptocurrency. However, even the private cryptocurrency platform can go through tough times concerning the malware. A new report suggests that Monero is going through significant mining issues. On the other hand, the mining issues did take place due to malware.
The online security firm, Carbon Black, was the first respondent to reveal that malware is present in Monero’s mining-chain. By the looks of it, the report is present in the Threat Analysis Unit, which also looks after a secondary component. In addition to this, the report did also reveal the name of the malware program, Smominru.
What is Smominru?
According to several reports as well as sources, Smominru is a robust botnet which affects the Windows computers. Back in 2018, in February the Botnet made its way to 526,000 windows computers that were connected to a significant Windows server.
Later, the expert did observe that Smominru provides a massive variety of malware which is vulnerable to computers. Smominru is no different than the powerful and popular Mirai DDoS malware, among other trojans. The primary function of the malware is to generate maximum profit for its operators by simply mining the cryptocurrency. The botnet utilizes the already infected Windows computer to mine cryptocurrency.
In 2018, the experts said that Smominru did make around $2.3 million all through its mining activity. Currently, Smominru is the massive mining botnet that is alive and active. The botnet always prefers to attack the Windows
Sometimes, Smominru also targets the significant MSSQL databases on the servers of Windows and Linux server’s MySQL.
Smominru did affect the mining activities of Monero
The experts are suggesting that the authentic malware script can easily be modified in the stream the access of the system. Later, it will be sold on the dark side of the internet, aka Dark Web. At the time of writing, the malware did already steal half a million computers.
The researchers also came up with a statement after they did discover the malware. By the looks of it, the discovery suggests that the maker is developing the malware for a darker purpose. In the long run, the malware will enlist a change in the way cybersecurity professional investigates, protect, and classify the threats.
The cybersecurity specialists and analysts across the world came across Smokin in the year 2017 in May. In the previous year, several researchers residing at the security firm said that Smominru has gone to a new level. The report suggests that Smominru is using technology from NSA’s cutting-edge National Security Agency.
Furthermore, the researchers said that the exploit has a name; it is EternalBlue. The EternalBlue infects the computers that incorporate mining malware XMR. Carbon Black is responsible for finding the previous iterations malware which underwent significant modifications. The team of analysts also found a very much state-of-the-art, multistage malware which was sending the metadata back to a network.
After conducting several types of research, the researchers found that the network is overtaken by web servers which did go through maximum hijacking.
Monero, Dash exhibit strong correlation with Bitcoin: Report
Despite the tremendous success Bitcoin has racked up over a decade of existence, the world’s oldest cryptocurrency has been plagued with privacy issues. This apparent “weakness” of Bitcoin gave rise to the need for privacy-focused coins. And even as these coins are a reaction to the realization that Bitcoin isn’t private, privacy coins remain largely in sync with Bitcoin, according to a recent study.
Longhash examined historical USD price data from Coin Metrics for privacy coins such as Monero, Zcash, and Dash and compared them to Bitcoin by calculating how correlated the prices were with each other.
As revealed by Longhash’s latest study, privacy coins, Monero and Dash, recorded the strongest correlation with Bitcoin, according to the Pearson correlation coefficients between the daily prices of each token over their histories in which any result above 0.7 was considered evidence of strong correlation.
While all three exhibited a strong correlation in 2017 and 2018, ZCash had the weakest correlation with BTC among all three. The trend, however, did not last long as correlation fell in 2019.
Source: LongHash | Bitcoin, Monero, ZCash and Dash price, July 2016- Dec 2019
The trend returned in the
“It’s certainly possible that in the future, regulatory attention could decouple privacy coins from the rest of the Bitcoin-linked crypto scene, either because regulators crack down on privacy coins specifically or because crypto enthusiasts are using them to evade regulations.”
Privacy coins want cryptocurrency owners to have truly anonymous transactions, ones far from the government’s reach. The drumbeats of government regulation for cryptocurrencies became louder, with privacy coins facing the brunt of it. The delisting of privacy-focused coins became a trend this year, with cryptocurrency exchanges like UpBit and OKEx South Korea ending transaction support for popular coins like Monero [XMR], Dash, ZCash.
Recently, Magical Crypto Friends’ Stefan Jespers aka WhalePanda had compared ZCash to the meme-coin, DogeCoin [DOGE] and claimed that the privacy coin is a failure. He had also said that it did not have a single update over the last five years.
Monero profitability drops to new lows post-RandomX upgrade
According to data from BitInfoCharts, mining profitability on the Monero blockchain has plummeted to new lows, showing returns that are lower than even those recorded between February and March, earlier this year. The chart also showed that profitability has been dropping since late June, marking an almost 87.4% drop in profitability since.
This drop in profitability followed a recent surge in Monero’s hash rate, which tripled in value after the network’s recent change in mining algorithm to RandomX to enable more efficient mining on general-purpose CPUs. Since the upgrade, profitability has dropped by 70%.
BitInfoCharts also showed that mining hash rate rose from an 8-month steady ~309 MH/s till just before the RandomX upgrade on 29 November, which caused it to rise to 950 MH/s over the next nine days. The has rate has since fallen to 898 MH/s, at the time of writing.
Less than a day ago, XMR contributor and moderator of the Monero subreddit, /u/asymptotically508, posted a PSA requesting the community to stop mining on the MineXMR and SupportXMR pools, all of whom are collectively responsible
Profitability has gone down from around $0.30 per day per KH/s to around $0.10, quite the opposite reaction to the March 2019 upgrade, which had also incorporated a change to the mining algorithm and caused profitability to rise by more than 4x following a 70% drop in hash rate. Similarly, in April 2018, Monero updated its proof-of-work algorithm, causing an 85.4% drop in hash rate and a 304% increase in profitability between the 6 and 8 April.
Though the price fluctuation of Monero since the upgrade probably has less to do with the decrease in mining profitability, it is notable that XMR has not risen beyond the $55 mark since 30 November, a day when it was valued at around $56.30, and has gone as low as $52 since then. If historical data is any indicator, it is likely that the hash rate will drop back down to normal levels in the coming days and weeks. Mining profitability, however, looks like it might only be able to recover through a bull run in the altcoin market.
Monero profitability drops to new lows post-RandomX upgrade
Bitcoin (BTC) Longs have just reached an all-time high. This is a big deal and it points to the extreme optimism currently prevalent in this market just before the highly anticipated UK election. It is quite alarming for BTCUSDLongs to have spiked this aggressively just before the beginning of a major downtrend. The last time something similar happened was in March, 2018 and we saw BTC/USD enter a slow-bleed downtrend after that. However, this time things are expected to be different. The manner in which BTCUSDLongs has spiked up this time is unprecedented. The bulls seem far too optimistic than before. Most think that the price of Bitcoin (BTC) could just decline down to $5,500 and it will take off from there to begin a new bullish cycle towards $100,000 or higher.
The fact that the bulls are still so optimistic is a reason in itself that the market is far from inflicting maximum pain on the bulls. Believe it or not, the price declining down to $5,500 no longer seems to be the maximum pain scenario at all as most retail bulls seem prepared for it. It is when the price plunges below the 200-week moving average and breaks below $3,000 that we will see the maximum pain scenario. The altcoin market will be hit
Bitcoin (BTC) was trading within an ascending triangle that the price respected for a while but then it declined hard below it. At this time, BTC/USD is trading below the $7,308 support turned resistance. In the best bullish scenario we could see a rally towards $8,000 but that would be it. We have a very strong resistance at $8,115 which the price will find really hard to breach.
The cryptocurrency market as a whole remains quite vulnerable. While the EUR/USD forex pair has rallied recently due to uncertainty surrounding UK election today, a rally in Bitcoin (BTC) and the rest of the crypto market has yet to be seen. This UK election is expected to be the most important in decades due to its impact on Brexit. Its outcome will have a major impact on stock and currency markets around the globe which means that the crypto market is expected to react strongly to it in the near future.