The latest update in China’s crypto ban saw the Chinese security firm, 360, launch a system that monitors cryptocurrency mining behavior. To facilitate implementation of the Chinese government’s rectification measures to ban crypto mining, 360’s latest tool known as the ‘threat situation monitoring system’, has developed a mining variant. The system supports large network asset mapping and mining threat intelligence, which further helps in acquiring network-wide mining host data.
Furthermore, according to the monitoring data obtained in the month of November by 360’s Threat Situation Monitoring System – 109,000 active cryptocurrency mining IPs have been detected. Additionally, it has been revealed, that most used network types are – residential broadbands, enterprise dedicated lines, and data centers. These networks are mainly situated in Guangdong and Jiangsu, along with Zhejiang and Shandong Provinces.
360 swears by its “test + cure” strategy, where the company first acquires macro level mining data through statistical monitoring on multiple dimensions including geographic area and network type. Meanwhile, depending on the requirement to take action against illegal activities, 360 puts together a detailed list of these mining hosts. The content of the more elaborate list includes, IP address, geographic location, network type, connection frequency, disposal recommendations, and other information of the mining host involved in the unit, which provides the regulators with considerable information to take further action.
China Targets Crypto Mining
With multiple failed efforts at an absolute crypto ban, China’s authoritarian government has now opted for a more isolated approach by targeting specific categories of crypto. Currently, the government is focusing on clamping down crypto mining, aiming for both, public and private entities, to secure a crypto mining free nation.
Last month, the National Development and Reform Commission (NDRC) confirmed that the commission is set to shut down industrial-scale Bitcoin mining activities, along with cracking-down state companies that have participated in the same, given the unsustainable nature of the activity. Furthermore, the government has levied crypto mining as an “extremely harmful” practice, which threatens to jeopardize China’s Carbon Neutral ambitions. Henceforth, the authorities plan on imposing a hike in electricity prices on companies that continue to disobey the ban.